The New York Purchaser Closing Process – Over-Simplified!
After the execution of a purchase agreement and the submission of a deposit, the buyer’s attorney takes a lead role. This involves a comprehensive review of the property’s title, survey, and potential issues that might impact the sale. Concurrently, the buyer secures financing, prompting the lender to conduct assessments such as property appraisals and financial verifications.
Attorneys for both parties collaborate to address any concerns unearthed during due diligence, negotiating terms that may include repairs, boundary clarifications, or resolution of title discrepancies. On the closing day, a crucial meeting occurs where the buyer, seller, and their attorneys finalize the deal. The buyer reviews and signs various legal documents, including the mortgage agreement and deed. Simultaneously, the seller transfers the title, and funds from the buyer and lender are disbursed.
Post-closing, the buyer’s attorney ensures that essential documents are recorded with relevant authorities, finalizing the transaction.
Refer to the simple diagram below for a clear picture of the process.
