Essential tips for how to close on property in New York

Expert Legal Analysis from NYC-based law firm Pardalis & Nohavicka.

How to close on real property in New York:

  1. Once you’ve decided on a property to purchase, send your attorney a deal sheet with the terms of the contract.
  2. Your attorney will contact the seller’s attorney and receive a draft of the contract of sale and negotiate the terms of the deal.
  3. Schedule an initial home inspection of the property with a certified inspector and your broker.
  4. Your attorney will schedule a time to review the contract with you and inform you of the mortgage contingency and closing dates.
  5. Apply for a mortgage early on as approval can take 5 anywhere from one to two months.
  6. Order a title report to raise any issues with the property, seller or purchaser.
  7. As soon as you receive your mortgage commitment and your title is cleared, you are now ready to schedule a closing.
  8. Schedule a final walk through of the property within 2-3 8 days before the closing.
  9. Review the loan documents prior to the closing date and 9 give special attention to the closing disclosure.
  10. CONGRATS! You’ve made it to closing day. You will now receive all keys and codes to the property.