Realty

What is a closing?

The real estate closing or “closing of title” is the meeting where the real estate sale is finalized. Usually, the seller and her attorney, the buyer and his attorney, the bank attorney (or attorney for the lender), and the title company attend this meeting. At a typical Closing, the Deed of Sale is signed by the Sellers. It transfers ownership interest over to the buyer.

Generally in New York, it is customary for the Seller to provide a Bargain and Sale Deed but this varies depending on the details of the transaction.

If the buyer is borrowing money to purchase the property, she signs loan documents including the important Mortgage and Note. In return the lender provides the loan proceeds for the transaction.

The Law Office of Dara F. Scott understands real estate contracts. The firm can convey the definitions of certain legal terms to clients, and is able to negotiate the terms that are right for you.