The Closing - Sumitomo Real Estate NY - Sumitomo Real Estate Sales New York

BUYERS GUIDE

The Closing

The Closing

  • Final Walkthrough. A final walkthrough will often be performed right before closing to verify the property is in the same condition at the time of the contract signing. 
  • At the Closing, Buyer will execute all closing documents, including settlement statements and final loan documents, and Buyer pays the balance of the purchase price (balance after credits, deposits, and any down payments).
  • After the Seller receives the check, the Buyer will acquire the property’s key.
  • Recording of the Deed, Mortgage, and any other necessary instruments. The last step in the closing process occurs when the new deed, mortgage, and any other necessary instruments (such as affidavits) are recorded into public record at the County Clerk's Office within the County where the premises are located. 

* The balance of the purchase price is 90% (the deposit of 10% is paid at the time of signing the contract.)

Power of Attorney

In case you can not be present at the closing, you need to arrange a power of attorney. A principal uses a power of attorney to designate an agent to execute documents and take other actions on his or her behalf.  The document needs to be notarized.