The closing location is typically determined by the title company selected by the seller. For New York City properties, closings generally take place in Manhattan or at a location convenient for all parties. If you need a different location due to scheduling, please inform us as soon as possible. A closing confirmation email will be sent to you with the date, time, and location once the Clear to Close (CTC) is issued by the lender.
Before Closing:
- Confirm your movers: Make sure they have the right-sized crew and truck for your move. If you’re moving out of a walk-up apartment or co-op, let them know, especially if there is no elevator. In many buildings, movers need to be scheduled in advance to avoid any building conflicts or fines.
- Closing timing: Closings usually take around 2 hours, but can range from 1.5 to 4.5 hours depending on any issues. If you’re moving on the same day as closing, make sure you have enough time to complete everything before meeting your movers.
Important Reminders for Closing:
- Bring your photo ID (driver’s license or passport).
- Bring your checkbook, just in case.
- Bring copies of your earnest money receipts and wire transfer receipts for the down payment and closing costs.
Who Will Be Present at Closing:
- Seller’s attorney: In New York City, the seller is usually represented by an attorney who will review the documents, sign where needed, and be available if issues arise.
- Title officer: The title officer ensures everything is signed properly, sends all of the signed documents to the underwriter for a final review, and issues any refund checks at the end of the closing.
- Your attorney: Your attorney will sit next to you, explain the paperwork in detail, go over your first mortgage payment, and advise you about the closing process. In New York City, the buyer’s attorney typically plays a much larger role in the closing process compared to other regions.
Sellers generally do not attend the closing in NYC as they have already pre-signed all documents.
A Few Additional Closing Notes:
- Confirm the closing address: Call the Title company to verify the location. If driving, ask about validated parking at the nearest garage. Parking can be quite expensive and difficult to find in New York, so having a validated parking option is important.
- Closing might start late: In New York City, be prepared for a possible delay at closing, as one of the attorneys may be running late due to their previous meetings or closings.
- Spouses not on the mortgage: Even if your spouse isn’t on the mortgage, they may still need to sign documents to waive homestead rights. If you’re in the process of divorce, consult your lender about any additional documentation required, especially in co-op transactions where additional rules apply.
Taxes and Exemptions:
Make sure you understand how and when property taxes are paid in New York City. Property taxes in NYC are paid quarterly, so make sure you know when the next payment is due. Additionally, inquire about any tax exemptions (such as the STAR exemption, Co-op or Condo Tax Abatement, or any other local exemptions) that might save you money. Your attorney should go over these details, but don’t hesitate to ask if needed.
At the End of Closing:
- Overage check: The Title officer will give you a check for any extra amount you transferred for the down payment and closing costs. This is your refund for any overage (usually $1,500–$2,000). Be sure to deposit this check within 1–2 days.
- Closing Disclosure: You’ll also receive the Closing Disclosure. This document is important for tax purposes and should be kept safe for next year’s tax filings.
Finally, the Keys:
Once everything is complete, you’ll receive your keys and can officially move in. Congratulations on becoming a new homeowner in New York City! 🎉