When you are in the process of buying or selling a home, the most important day of the entire process is closing day. This is also perhaps the most exciting day of the real estate transaction and is when the process is finally over. On closing day, the seller of the home hands over the keys to the new buyer. All of the paperwork is finalized and the documents of sale are signed.
If you are the person who is buying the home, you will have to do a final walkthrough of the home with your real estate agent to ensure the property is in the same condition as it was the last time you were there. After that, you and your realtor will head back to the office to sign everything that needs to be signed and hand over a check that covers the closing costs. These costs include realtor’s fees, attorney fees, and other fees that may be specific to your particular situation. Sometimes the buyer will request that the seller covers any repairs that ned to be done on the house in their closing costs. The person who is selling the home doesn’t actually need to be at the closing meeting. In fact, they can go to their realtor’s office, give them the keys to the house, and sign all of the required paperwork, and write a check prior to the closing date.
Each situation is different so it is best to speak with an experienced real estate attorney or real estate agent who can walk you through the process.
To learn more about how we can help, please contact Irwin Weinstein, an experienced New York City Real Estate Attorney, in our Brooklyn New York Law Office. We have also created a New York City Real Estate Video Education Series. Take a minute to get that emailed directly to you, at no cost to you.