Latest / BSPE Legal Marketing Podcast / What Is on a NYC Real Estate Closing Checklist for Sellers? - Peter Zinkovetsky

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What Is on a NYC Real Estate Closing Checklist for Sellers? - Peter Zinkovetsky · BSPE Legal Marketing Podcast

• 0:00
  What Is on a NYC Real Estate Closing Checklist for Sellers?
• 0:04
  Selling a property in New York City involves a carefully ordered sequence of legal steps that can determine whether your closing goes smoothly or stalls at the last moment.
• 0:14
  From the moment a seller accepts an offer, the transaction shifts into contract preparation, requiring attorney engagement and the gathering of seller-side ownership and payoff information.
• 0:24
  While New York law does not impose a blanket attorney requirement for every residential sale, downstate practice relies heavily on the seller's attorney to draft the contract, respond to legal issues, and prepare closing documents.
• 0:38
  A real estate attorney can identify problems early, such as a deed that no longer reflects current ownership after a death or divorce, open building permits, or an unreleased home equity line, giving the seller time to resolve them before any contract deadline.
• 0:53
  A deal sheet summarizing the purchase price, deposit, financing contingency, included fixtures, and target closing date is typically prepared by the broker and sent to both sides before the formal contract is executed.
• 1:07
  The contract itself sets the legal rights and obligations of both parties through closing, with a rider addressing transaction-specific terms like open violations, unpaid common charges, and building assessments.
• 1:20
  For a house or condominium, the deed transfers title and is recorded after the transfer, while a co-op sale instead relies on share and proprietary lease transfer documents since no deed is involved.
• 1:32
  A bargain and sale deed with covenant against grantor's acts is the common deed form for downstate New York residential sales, and it must contain correct party information, property details, signatures, and acknowledgment before recording.
• 1:47
  New York's Property Condition Disclosure Act requires sellers of covered one- to four-family residential properties to complete a statutory disclosure statement, with condominium and co-op units excluded from this requirement.
• 2:00
  The former five-hundred-dollar credit option was eliminated effective March 20, 2024, and the current statement now includes questions about flood risk and flood insurance, with willful failures exposing sellers to the buyer's actual damages.
• 2:16
  Federal law adds another layer of obligation for most housing built before 1978, requiring sellers to disclose known lead-based paint hazards, provide available records, and distribute the EPA pamphlet before the buyer is bound by the contract.
• 2:31
  The buyer must receive a ten-day opportunity for a lead inspection or risk assessment unless the parties agree in writing to a different period or the buyer formally waives that right.
• 2:42
  For houses and condominiums, a title report and related searches review the recorded chain of ownership to identify any liens or other matters that must be resolved before the transaction can close.
• 2:53
  For co-ops, clearance instead focuses on liens or security interests affecting the shares and lease, building obligations, and any outstanding share loan payoff required to complete the transfer.
• 3:06
  Avenue Law Firm, with Manhattan attorney Peter Zinkovetsky guiding sellers through every legal document and closing requirement, stands ready to help you navigate the full scope of this process with confidence.
• 3:18
  Contact Avenue Law Firm at 212, 729, 4090, located at 505 Park Ave #1201, New York, NY 10022, United States, to schedule your consultation today.