What is a closing?
The closing is the grand finale. It is the event where the purchaser gives the seller
monies in exchange for ownership. This bargained for exchange or consideration transfers
ownership of the property. The seller will also need to sign different documents
including a new deed. The place of closing is normally at the bank attorney’s office.
The parties present will be: seller, bank attorney, brokers, seller's attorney,
buyer's attorney and title closer.
What items are typically included in closing costs?
- Appraisal Fee
- Attorney Fee
- Credit Report
- Document Preparation fee
- Escrow (Taxes, Insurance)
- Inspection Fee
- Interim Interest
- Mortgage Insurance Premium
- Origination Fee
- Recording Fee
- Title Insurance and Search
- Condo Board Application or Co-op flip tax
- Managing agent fee
There are other fees which may arise depending on whether the property is a condo
or co-op. Our sales representatives would be happy to discuss these with you. For
more information see our
How long does it take to close?
The average sale can take anywhere from 3-5 months to close depending on a host of
different factors. These factors include but are not limited to: mortgage &
financing, co-op board approval and the negotiation process.
How much money will I need to purchase the property?
The amount of money needed to purchase the property will vary depending on whether
the property is a single or two family dwelling, co-op or condo. We recommend being
prepared to pay about 25% although some properties may accept a smaller percentage
for qualification. You will also need to set aside additional monies for closing
What is the contract of sale?
The contract of sale represents the binding agreement between the purchaser and the
seller. The contract of sale specifically details the rights and obligations of
both parties and the terms of the sale.