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What to expect at closing for sale of real estate

On Behalf of | Jul 14, 2021 | Real Estate |

When people are buying or selling real estate in New York, it can be an exciting and stressful time. There are many steps to the process of both buying and selling real estate as well. When selling people need to repair various things that may be broken or need updating. People then need to meet with realtors and determine the price and list the property for sale. Buyers prior to buying will need to determine the area they want to live in, the size of property that they need and what they can afford.

This means buyers will also have to secure the necessary financing to purchase the property which may involve obtaining mortgages. This can be a long and time-consuming process by itself. Once the buyers decide on a property that they would like to purchase, generally there is a negotiation process between the buyers and sellers, there may be an inspection and eventually the two sides will decide on a price and enter into a purchase agreement. However, before the sale can be finalized there must be a closing.

Documents buyers sign at closing

The closing is when the buyer will sign all the official documents to finalize the sale. Buyers will need to sign the promissory note and deed of trust if they are using a mortgage to buy the property. They will also need to sign the deed to the house which officially transfers the property from the seller to the buyer. The closing disclosure is another document that needs to be signed. This states the amount they will pay in total, the amount of the down payment and the closing costs that will need to be paid and who will pay them. There is also an escrow statement for the amount of insurance and property taxes.

Many people purchase homes each year in New York. When doing this there are a number of factors that people analyze before the purchase. There are also many legal documents that need to be signed. These are very important documents and need to be drafted correctly. Experienced attorneys understand how to draft these documents and may be able to guide one through the process.

 

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