The closing is the climax of the transaction. The buyer's New York Real Estate Attorney is normally the ringmaster who coordinates the time and place of the closing. The closing is where the parties meet to finalize the deal.
Normally the parties you will see at the meeting are the seller and their New York Real Estate Attorney, the bank's New York Real Estate Attorney, and the title representative. What occurs at the closing table can be broken down to three major steps:
The bank makes the loan to the buyer and in return the buyer gives the bank an interest in the property (Mortgage)
The buyer turns that loan over to the seller and in turn receives a deed from the seller
The title company makes certain that the seller does indeed own the property they are transferring
Unless there are any serious outstanding issues, the closing can take about 2-3 hours. At this stage, the buyer should have obtained homeowners Insurance prior to the closing. Since not all insurance companies charge the same prices for the replacement value of a house you might want to shop around before the closing.
Lastly, a day or two prior to the closing, it's always a good idea to do a walk though of the property to make sure that it is in the same condition as when you decided to buy it.
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