The process of purchasing a home is just as exciting as it can be stressful. The final day of the process is the closing day, which is when the property ownership is transferred to the buyer from the party selling it, whether it be a construction company or the current resident.
One question that is often asked is regarding when the closing day will occur. Typically, you as the buyer will make an offer and when that offer is accepted, the house will go into escrow. The closing day is usually at the end of a 30-day escrow period but it can vary depending on a number of circumstances. The lender will be the ones who determine the date of the closing. Of course, if you are buying a new construction home, the construction company may not be finished in time and may have to request that the closing is pushed as well.
If you are a first-time homebuyer, the closing process may be overwhelming. After all, you are agreeing to decades of payments and making one of the biggest purchases of your life. Additionally, the closing is very document-heavy so it is important to understand everything you are agreeing to when signing the piles of paperwork that are quickly handed to you. Therefore, it is important to retain the services of an experienced real estate attorney who can review the documentation and will ensure the purchase agreement is fair. Additionally, your attorney will ensure that your interests are protected, the title to the house is clear, make sure you understand the closing documents, and more.
Another important factor in the home buying process to be aware of is that you will be required to provide payment for your closing costs. Often, this is done with a cashier’s check. It is important to consider closing costs when determining how much you are willing to spend on a house because it can be up to 5 percent of what the cost of your loan is. Sometimes, the negotiations include that the seller will cover closing costs.
After all of the paperwork is signed and checks are issued, the seller will officially give you the keys to the house and the process is complete.
If you have any questions about the home buying process in New York, it is essential to consult with an experienced real estate attorney. The legal team at Zimmet Law Group, P.C. is committed to effectively representing your interests every step of the way.
Zimmet Law Group, P.C. is an experienced team of attorneys guiding clients through matters of estate planning and administration, divorce and family law, real estate, commercial litigation, business law, bankruptcy, and landlord-tenant law. If you require the services of an effective New York City attorney, contact our firm today to schedule a consultation.