Buying or selling a property in New York City can be an exciting but complex process; it’s critical to have the right legal representation on your side just in case. In fact, one of the most critical steps in a real estate transaction is the closing, where the legal ownership of the property is officially transferred from the seller to the buyer. But the Mason and Mason law firm can help you navigate each step and help you understand what to expect during a real estate closing in New York. Learn more below and contact our real estate closing attorneys now!
Review and Sign Documents
During the actual closing meeting, both the buyer and seller will review and sign various documents prepared by our real estate closing attorneys. This paperwork includes the purchase agreement, the deed, and the mortgage agreement (if applicable). It’s essential to read and understand these documents thoroughly before signing them, as they outline the terms and conditions of the transaction and your obligations as the new owner of the property.
Pay Closing Costs and Fees
Closing costs and fees can often include things like title insurance, attorney fees, property taxes, and lender fees. These costs can vary widely, so it’s essential to review the Closing Disclosure provided by the lender before the closing to understand how much you will need to pay. The Mason and Mason real estate purchase legal services can help you understand what costs you’re responsible for.
Transfer Ownership and Funds
The closing agent, typically an attorney or title company, will ensure that the New York property’s legal ownership is transferred from the seller to the buyer. The buyer (you, in this case) will also need to provide funds to cover the purchase price, closing costs, and fees. The closing agent will distribute the funds to the appropriate parties, such as the seller, the lender, and the real estate closing attorneys.
Get the Keys
Once the New York closing meeting is complete, and all the paperwork has been recorded and signed, ownership is now considered officially transferred. It is at this stage that you as the buyer receive the keys to the property and the entire real estate transaction is complete.
A real estate closing in New York involves several steps that cannot be overlooked, and working with experienced real estate attorneys and agents can help ensure everything goes smoothly. Understand your rights and obligations as a property owner when you work with Mason and Mason law firm.