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