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

SELLERS GUIDE

Closing

Settlement for the balance owned and delivering possession to the Buyer

  • Buyer should deliver the checks through a lawyer with the amount of the balance owed (90% of the purchase price) and other fees.
  • After the Seller receives the check, Buyer will acquire the property’s key and then the transaction will be completed.
  • "Deed" and "Closing Statement (Transaction Statement)" will be delivered by the attorney approximately one month after the completion of the transaction.

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

※ If the Buyer is taking a mortgage, the bank will prepare a check for the amount of the loan at closing.

※ If Seller has a balance of remaining loans, the loan amount will be deducted from the Sales price paid at the closing.

Power of Attorney

In case you can not be present at the closing, you must arrange for 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 must be notarized.