The question
What happens at a real estate closing in New York?
The short answer
The buyer, the seller, both attorneys, the lender's representative and a title closer meet to sign the deed and loan documents, money moves by wire or bank check, and the keys change hands. Plan on two to three hours.
The long answer
Who is there
Usually the buyer and seller, each side's real estate attorney, the buyer's lender or its representative, a title closer, and the agents. On Long Island it is standard for both sides to have their own attorney.
What happens
- A final walk-through of the home, usually that morning or the day before.
- The buyer signs the mortgage documents and reviews the Closing Disclosure, which lists every cost.
- Funds are wired or provided by bank check as your attorney directs.
- The deed is signed and transferred, and the keys change hands.
What to bring
- A government-issued photo ID.
- Proof of your homeowner's insurance (buyers).
- Anything your attorney asks for ahead of time.
Protect your money
Wire fraud targets home buyers. Never trust wiring instructions that arrive by email alone. Always call your attorney at a phone number you already know to confirm them before you send a dollar.
How long it takes
Plan on about two to three hours. It is a lot of signatures, but nobody should be surprised by anything on that table. My clients know what to expect well before closing day.
