Real Estate Closings

Real Estate Closings Are an Important Part of the Buying and Selling of Properties in New York State, so Knowing All the Details Is Beneficial

Whether you are buying or selling a property, real estate closings are an important part of the process. It is the final step of the transaction between the previous owner and the new owner. Therefore, it can be a stressful time because you want to make sure everything goes smoothly. The last thing you want is an issue to arise right at the end of the homebuying process. However, once you understand the entire process of real estate closings, you will be better equipped to handle the situation and to make it a relatively easy process.

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important things you should know

Questions And Answers

Real estate closings are an important part of buying (or selling) a property because it is the process in which the property is transferred to the new owner. 

While it is not mandatory to use a real estate lawyer while handling real estate closings, it is recommended. Moreover, most people will use a real estate lawyer in New York when they are handling a real estate transaction.

A real estate lawyer will advise you during each step of the process. Moreover, a real estate lawyer will also handle all the legal paperwork that must be filled out and filed for the closing to occur.

Not all states require a real estate lawyer to be present at a closing. However, in the State of New York, it is required to have one present.

Yes, before you can attend a real estate closing, you must submit your mortgage information if you plan on having a mortgage on the house you are buying.

Several aspects of the home buying process must be completed before real estate closings happen. These aspects include a finalized purchase agreement, an approved mortgage submission, an approved home inspection, and the home must be appraised. If you hired an attorney, they would help you through this process to ensure all obligations are met prior to the real estate closing.

Real estate closings include multiple parts, but it is a straightforward process. First, once all the prior obligations of the property are taken care of, you will bring a series of items to certify your identity and other aspects of your home. You will also sign a series of documents and present a cashier’s check to finalize the transfer of property. Once this is completed, the property will be in the ownership of the buyer.

Yes, there are several documents and items you must bring to a real estate closing. The most important is your I.D. You may also be required to bring documents that provide proof of homeowner’s insurance, home inspections, and anything else that is asked for the closing, which will be decided ahead of time. Furthermore, you will need a cashier’s check will need to be presented.

Real estate closings involve the signing of several documents. These documents include the title transfer, which officially transfers the property. You will also need to sign a truth-in-lending document and other mortgage documents, which certifies the mortgage on the house. Finally, you will need to sign the title insurance.

It varies by property, but you can usually expect real estate closings to last upward of an hour.

It is recommended to use both a real estate agent and a real estate attorney. However, there is no requirement that you use one. The only requirement is that a real estate attorney is present at the closing in the State of New York.

Power of attorney lets you appoint someone to make decisions on your behalf, however, it is usually the seller that will use power of attorney during real estate closings. While it is not impossible for a buyer to use power of attorney, it is not common. Additionally, most lenders do not want the buyer to use power of attorney and may deny the request, which you must seek first before using power of attorney in this situation.

Real estate closings take place at an attorney’s office. It is usually the seller’s attorney’s office or the office of the bank’s attorney.

Several people are required to attend real estate closings. They include the seller and the buyer and their respective lawyers. Also, the buyer’s bank attorney will attend a real estate closing along with any real estate brokers.

Yes, a real estate lawyer can prepare the deed for the property.

Yes, a real estate lawyer will take care of due diligence with the property being transferred. This means that they will investigate the property, which can include the financial history of the property and complaints against the property.

A title report is a document that gives an overview of the legal status of the property in question. This can include tax information, zoning information, and information on the owners of the property.

Yes, you are required to have one because it ensures that there are no issues with the property, such as any liens that may be found.

Liens are claims against a property, and they can present challenges and delays to the closing process. Some examples of liens that can be found through the title report include previous mortgages that have not been paid. It can also include taxes that have not been paid on the property.  

Title insurance is important for real estate closings because it protects the lender. It will protect them if there are liens or other damages that can be found to the property.