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NYC Real Estate Closing Checklist for Buyers - Peter Zinkovetsky · BSPE Legal Marketing Podcast

• 0:00
  NYC Real Estate Closing Checklist for Buyers Buying property in New York City is one of the most significant financial decisions you will ever make, and the closing process is where every detail must be exactly right.
• 0:11
  A complete buyer's closing checklist covers a fully negotiated contract of sale, a clear title report or co-op lien search, mortgage and loan documents, applicable board approvals, a final walkthrough, and the funds needed to close.
• 0:24
  The specific documents you need depend on the type of property you are purchasing and whether you are financing or paying cash.
• 0:31
  For condo and house purchases, the closing process transfers ownership through a deed, while co-op buyers receive a stock certificate representing their shares in the building's corporation.
• 0:41
  A mortgage commitment letter is essential for any financed purchase, confirming the lender's approval and listing conditions that must be satisfied before the closing date.
• 0:49
  Your attorney will review the title report or co-op lien search for liens, judgments, open permits, easements, and any other issues that could affect your transaction.
• 0:58
  Co-op buyers and certain condo buyers must also submit a board application package that includes tax returns, bank statements, employment verification, reference letters, and a financial statement.
• 1:10
  Financed purchases require proof of homeowner's insurance effective as of the closing date, with the lender named as mortgagee, and properties in flood zones may require additional flood insurance coverage.
• 1:20
  Wire fraud is a serious and growing threat in real estate transactions, so always confirm wire instructions by phone using a number you obtained independently rather than one provided in an email.
• 1:32
  When it comes to closing costs, condo and house buyers can expect to pay roughly two to five percent of the purchase price, while co-op buyers typically pay one to two percent.
• 1:41
  Residential purchases of one million dollars or more are subject to New York's mansion tax, which starts at one percent and can reach as high as three point nine percent for purchases of twenty-five million dollars or more.
• 1:52
  Financed condo and house purchases also carry a mortgage recording tax of one point eight percent for loans under five hundred thousand dollars and one point nine two five percent for larger loans.
• 2:03
  Qualified first-time buyers may be eligible for the city's HomeFirst Down Payment Assistance Program, which provides up to one hundred thousand dollars toward a down payment or closing costs for eligible properties in the five boroughs.
• 2:15
  At Avenue Law Firm, attorney Peter Zinkovetsky guides buyers through co-op, condo, townhouse, and other real estate transactions, keeping clients informed and prepared from contract negotiations through closing day.
• 2:27
  Whether you are navigating a complex co-op board process, reviewing title matters, or managing financing concerns, having a knowledgeable lawyer by your side makes all the difference in a New York City closing.
• 2:38
  Contact Avenue Law Firm at 212, 729, 4090, located at 505 Park Ave #1201, New York, NY 10022, United States, to schedule your consultation and learn how our team can help you prepare for closing.