Understanding the closing process for a real estate transaction in New York can help make it easier for you to know how to best handle the situation.
Working with a title company or attorney
The first step of the closing process for a real estate transaction involves choosing a real estate attorney or title company. You’ll need to provide an initial deposit to an escrow agent, research the best value for homeowners insurance and purchase a policy.
Meeting the conditions of the mortgage is essential
Obtaining a property may require you to meet specific conditions of the mortgage. These conditions must be completed before closing can occur. At this point, it’s also important to prepare for your move by packing your belongings.
Review the closing disclosure and do a final walk-through
Before the closing occurs, you’ll want to review the documents to ensure they are correct. They will include closing costs associated with the purchase and list a final amount that the title company will require before closing is met. Performing a final walk-through of the property is also vital to verify that the home is in the right condition and any specified repairs are completed.
Closing on the property you’re purchasing
After the closing documents have been reviewed and approved, the process can be finalized. You’ll need a photo ID and the money required for the down payment. When a mortgage is involved in the process, a significant amount of paperwork will likely be required to finalize the transaction.
Moving into your new home
After the closing process is completed, you can move into your new home. If the property will be used as a rental, you can start moving in renters.
Knowing how the closing process works should make it more efficient to handle when you’re purchasing real estate.