Closing questions
Who is in the room at a NYC closing?
Buyer, seller, both attorneys, the title closer and a lender representative. Who attends a New York City closing, what each one does, and who can skip it.
Who is in the room at a NYC closing?
Quick Answer
New York is an attorney closing state, so both sides have counsel at the table and the attorneys, not an escrow officer, drive the transaction. The buyer's attorney reviews the deed, the settlement figures and the loan documents. The seller's attorney delivers the deed and handles the payoffs.
The title closer is the person who makes the file work on the day. The closer brings the documents the title company requires, confirms the continuation search is clean, collects the premium and recording charges, takes the recordable instruments away for submission, and disburses according to the settlement statement.
On a financed purchase a lender representative or a closer authorized by the lender attends or participates remotely, confirms the package is signed correctly, and releases the loan funds. On a co-op purchase the managing agent's transfer agent often attends instead, since the transfer moves shares rather than a deed.
Where the closing happens varies. It may be at the lender's counsel's office, at a managing agent's office for a co-op, or at the buyer's or seller's attorney's office. In New York City the venue is set by whoever is funding and by the corporation's rules on a co-op.
Attendance is not always mandatory for the parties. A seller can close by power of attorney arranged in advance, and remote or hybrid arrangements are common. Notarization and delivery still have to be handled properly, which is why substitutions get approved in advance rather than announced on the day.
Do I have to attend my own closing?
Usually you should, particularly as a buyer signing loan documents. Where attendance is impossible, a properly executed power of attorney approved in advance by the title company and the lender can cover it. Approval, form and sometimes recording all have to be arranged days ahead of the closing date.
What does the title closer actually do?
The closer represents the title company at the table: confirms the continuation search is clean through the moment of closing, collects the premium and recording charges, checks that the deed, mortgage and tax returns are properly executed, and takes the recordable instruments away for submission through ACRIS or the county clerk.
What else should you read before closing?
In the glossary
- Closing statementThe itemized accounting of every credit, debit and disbursement at a closing. Commercial deals use a HUD-1 or ALTA settlement statement; consumer m...
- DeedThe instrument that conveys real property. Signature, acknowledgment and delivery make it effective between the parties, while recording is what pr...
- Escrow (at closing)Funds or documents held by a neutral party until stated conditions are satisfied. At a New York closing it usually means a holdback from proceeds u...
- RecordingFiling an instrument with the register or county clerk so it becomes part of the public record. Recording establishes priority against later purcha...
- Power of attorneyWritten authority for one person to act for another. New York requires the statutory short form for most real property transactions, with specific ...
Questions this raises
- What documents do I sign at closing?Note, mortgage, title affidavit, settlement statement and transfer tax returns for buyers; deed and releases for sellers. What each document actual...
- What do I need to bring to a closing in NYC?Photo ID, funds in the form the agent instructed, a checkbook for adjustments, and every signer. The New York City closing checklist for buyers and...
- What happens after the closing table?Recording, recorded copies, the final policy, satisfactions and post-closing lender conditions. The New York closing tail and the documents to keep...
Building types
- Standard co-opThe ordinary New York City cooperative: you buy shares in a corporation and receive a proprietary lease to occupy a specific apartment.
- Standard condoA New York City condominium unit: real property conveyed by deed, recorded in ACRIS, with an undivided interest in the common elements.
- CondopA building split into two condominium units, one commercial and one residential, where the residential unit is owned by a cooperative corporation.
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Legal Disclaimer: This page is general information about New York practice. It is not legal advice, it does not account for the terms of any particular contract, building or transaction, and reading it does not create an attorney-client relationship. This is attorney advertising. Prior results do not guarantee similar outcomes.