As trained real estate attorneys in The Bronx, NY, we have compiled an easy-to-read list that details the process of closing on a property so that you don’t miss a crucial step.
- Have your broker send your real estate lawyer in The Bronx a deal sheet that itemizes the terms of the contract and lists the contact information for the involved parties.
- Your real estate lawyer will then contact the seller’s lawyer and receive a draft of the contract of sale. Both lawyers will negotiate the terms of the deal at this point.
- While your lawyer is reviewing the contract and negotiating the terms of the deal, you will want to schedule a home inspection of the property with a certified and experienced inspector and your broker.
- Once the contract review and negotiations between lawyers have been completed, your real estate lawyer will schedule a time to review the contract with you and inform you of all the details, including mortgage contingency and closing dates.
- Apply for a mortgage loan. This is typically the longest process of the timeline and can take anywhere from one to two months for approval.
- Order a title report. This will raise any issues with the property, seller, or purchaser, including potential bankruptcies, judgments, or violations.
- Once you have received your mortgage loan and all issues on the title are cleared, schedule a final walk-through and closing. Your final walk-through is typically done within 48 to 72 hours before you close on the property and allows you to get one last look inside the property before closing on it.
- Review loan documents with your lawyer. There are many loan documents that you will be required to sign on your closing date. Your real estate lawyer can help you review these documents so that you know exactly what you are signing and can rest assured that you aren’t missing any crucial information.
- Get excited to close on your property! While it can be an overwhelming time due to all of the involved parties and paperwork, it is also something to get excited about — especially when you are working with a reliable real estate attorney in The Bronx, NY, who helps ensure that you are in good hands.
Closing on Commercial Property vs. Residential Property
In New York City, closing on commercial and residential properties follows similar steps. However, there are important differences because of their different uses and zoning laws.
Commercial closings are usually more complex. They need more detailed checks, like zoning and environmental assessments. In contrast, residential closings are often simpler. Furthermore, those interested in one type but only have experience with the other should consider other differences, such as:
- Financing
- Disclosures and Legal Considerations
- Closing Costs and Fees
- Timeline
- Tenant Issues