The Closing Process For Real Estate Properties In NYC

The closing process is one of the most important parts of a real estate transaction, especially if a sale is taking place. You may think everything is all ready to go and you don’t have anything to worry about, but that’s not necessarily the case. The real estate closing process has many complexities to it that give both the buyer and the seller chances and reasons to pull out. If this happens, someone can end up losing a lot of money, or without a place to live/work.

The real estate attorneys at the Law Offices of Diron Rutty, LLC can help explain what you need to be wary of during the closing process. We can also help you if you’re worried about something going wrong with your real estate sale or purchase.

Each Step of the Real Estate Closing Process in New York

Our real estate lawyers compiled an easy-to-read list that details the process of closing on a property so that you don’t miss a crucial step.

  1. Your broker sends your real estate lawyer a deal sheet that itemizes the terms of the contract and lists the contact information for all the parties involved.
  2. Your real estate lawyer will then contact the seller’s lawyer to receive a draft of the contract of sale. Both lawyers will negotiate the terms of the deal at this point.
  3. While your lawyer is reviewing the contract and negotiating the terms of the deal, you will want to schedule a home inspection of the property with a certified and experienced inspector and your broker.
  4. Once the contract review and negotiations have been completed, your real estate lawyer will schedule a time to review the contract with you. Here is where we inform you of all the details that you need to know, including any mortgage contingencies and closing dates.
  5. Then it’s time to apply for a mortgage loan. This is typically the longest process of the timeline and can take anywhere from one to two months for approval.
  6. Next, you need to order a title report. This will raise any issues with the property, seller, or purchaser, including potential bankruptcies, judgments, or violations.
  7. Once you have received your mortgage loan and all issues on the title are cleared, schedule a final walk-through and closing. Your final walk-through is typically done within 48 to 72 hours before you close on the property and allows you to get one last look inside the property before closing on it.
  8. Then it’s time to review loan documents with your real estate lawyer. There are many loan documents that you will be required to sign on your closing date. Your real estate lawyer can help you review these documents so that you know exactly what you are signing and can rest assured that you aren’t missing any crucial information when you have to finally sign it.
  9. Get excited to close on your property! While it can be an overwhelming time due to all of the involved parties and paperwork, it is also something to get excited about — especially when you are working with a reliable real estate lawyer who helps ensure that you are in good hands.

Trust the Real Estate Attorneys at the Law Offices of Diron Rutty, LLC

We want nothing more than to help you sell your home or finally purchase your dream home with no regrets. There are few things as disappointing as a home purchase falling through because of something preventable, or being stuck with debts and ownership issues after you’ve already paid for the home.

These issues are not only for residential homes but for businesses too. Where you operate is important. When you can’t operate your business effectively, you and all of your employees suffer. We want to help make sure that this doesn’t happen.

If you’re trying to complete a real estate transaction, make sure you talk to a real estate attorney before you enter the closing process. If you already have entered the closing process, contact our attorneys as soon as possible.

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