Highly Effective Criminal Defense, Real Estate And Estate Planning
Attorney Bryan E. Cameron

What to expect in a real estate closing

On Behalf of | Jun 22, 2022 | Estate Planning

When buying or selling a piece of real estate in New York, the parties must go through a closing that completes the transaction. While most people know that their closing will occur on a stated day, most don’t know the specific steps. Here is what you can expect.

A real estate closing is a process

A real estate closing doesn’t happen on a single day but is a process that buyers, their agents, loan companies, and title agencies must follow to complete the title transfer of the property. Sometimes, the timelines amongst these parties differ from the date the buyer and seller agreed upon, so the official closing date must change. You may have accomplished some of these steps prior to closing, but all are necessary. These are the basic steps for a real estate closing:

  • Establishing escrow
  • Performing a title search and purchasing insurance
  • Hiring an attorney
  • Mortgage pre-approval
  • Determining closing costs
  • Schedule a home inspection
  • Renegotiating the offer, if necessary
  • Locking in the offer
  • Lifting any contingencies
  • Escrow fund deposit
  • Final walkthrough
  • Signing paperwork

The closing process should begin as soon as you sign the purchase agreement. Closing on a house should generally only take just a few weeks, even if delays occur.

Protecting your rights in a real estate transaction

Even though the process of buying a piece of real estate in New York is not complicated, some of the required documents to purchase your property require attention to detail. You must make sure that details like escrow payments and other legal documents have the correct language.

Documents not drafted properly can cause delays in the final closing. Although attempting a closing on your own can save money, the advantages of knowledgeable real estate personnel outweigh any savings you may achieve.