The Close
Once a property is fully inspected and both the seller and buyer agree to engage in the finalization of a real estate transaction, you enter into what we call the closing day. A real estate closing day can simply be defined as the final step towards finalizing the transfer of property. On the closing day, the final distribution of funds is observed and the seller typically earns what is due to them for the property. Also, the real estate agent receives their stipend for working as the mediator. It is generally believed the closing day is when the buyer finds his dream house or a business property and the seller receives the amount due. Thus, a buyer gets the deed and the seller is compensated for that in which they originally owned. In reality, things are not that simple.
The final transaction and closing of a real estate deal can be carried out at a number of places. This official agreement for the transfer of property can be held at one of the attorney’s office or simply at a broker’s office.If a loan is involved, then the closing will take place at a settlement agency. Generally, an escrow is involved. The escrow is sometimes the title company and they will help you insure the ownership of the property.
The most important participators of a closing day are the buyer and seller but there are a number of other people who are involved during the real estate transaction. Along with the broker, the attorney of both the buyer and seller are also present in order to look through all the final paperwork to avoid any unexpected issues. Also, a representative of the mortgage company may be present at this final stage.
A sales contract is drawn by the attorney of the buyer who will present it to the seller. The seller, after receiving the amount due, will sign the final purchase deed which officially declares the transfer of the property. The title company at the same time will register the signed deed with the state government which shows that the buyer is now the new owner of the property. Also, the real property transfer tax which is paid by the seller is done on this particular day and the attorney arranges all of the documents for a smooth transaction.
In closing, although not mandatory, a real estate closing lawyer is a crucial component regardless of what party you are in a real estate transaction. Richard F. Rozhik,Esq., is an experienced attorney who understands the process thoroughly. With offices in South Brooklyn, he is able to take on all forms of real estate closings in Brooklyn, Queens, Manhattan, Bronx, Staten Island, Long Island, and all surrounding counties located in the state of New York. Contact him today for information or call him at (917) 567-1963.