HOW IT WORKS
New York Closing: What Makes It Different
New York is an attorney-state. Unlike many states where title companies run the closing, in New York both the buyer and seller are represented by licensed real estate attorneys who negotiate the contract, manage the legal process, and appear at the closing table. This adds cost but also adds protection.
On Long Island specifically, closings typically take place in person at the buyer's attorney's office, a title company office, or sometimes the lender's office. The full timeline from accepted offer to closing runs 60–90 days for most transactions.
PHASE BY PHASE
The Complete Timeline
Phase 1: Attorney Review (Days 1–10)
Offer Accepted
Once you accept an offer, your agent notifies both attorneys. The buyer's attorney drafts the formal contract.
Contract Negotiation
Attorneys negotiate contract terms: contingency deadlines, personal property, riders (e.g., mortgage, inspection, title), and closing date. This typically takes 5–10 business days.
Contracts Signed & Deposit Delivered
Both parties sign. The buyer delivers a 10% deposit (typically held in escrow by the seller's attorney). You are now fully under contract.
Phase 2: Inspection & Financing (Days 10–45)
Home Inspection
Buyer hires a licensed home inspector (typically within the first 10 days of contract). Inspector examines structure, roof, HVAC, plumbing, electrical. Buyers may request credits, repairs, or concessions based on findings.
Inspection Negotiation
Your attorney and agent negotiate any inspection-related requests. Common outcomes: seller credits, agreed repairs, or buyer accepts as-is. Some buyers waive inspection or take it informational-only in competitive markets.
Appraisal
The buyer's lender orders an appraisal. On Long Island, appraisers use OneKey MLS comps. If the appraisal comes in below contract price, you'll need to negotiate: lower price, buyer covers the gap, or deal falls through.
Mortgage Commitment
The lender issues a mortgage commitment letter, satisfying the financing contingency. Standard deadline is 45–60 days from contract date in New York.
Phase 3: Title & Pre-Closing (Days 30–60)
Title Search
The buyer's attorney orders a title search — a review of public records going back 60 years confirming you own the property free of liens, encumbrances, or title defects.
Title Issues
Common Long Island title issues: unpaid contractor liens, old mortgage satisfactions not recorded, estate issues, boundary disputes, and open permits on prior work. Your attorney resolves these before closing.
Survey
Buyer typically orders a property survey confirming lot lines, fences, structures, and easements. If you have a recent survey (within 5–10 years), it may be re-used.
Final Walkthrough
The day before or morning of closing, the buyer's agent conducts a final walkthrough to confirm the home's condition matches what was contracted — no new damage, agreed repairs completed, negotiated items remain.
Phase 4: Closing Day
Signing
You sign the deed and transfer documents. The buyer signs the mortgage and closing documents. Both attorneys are present. Title company coordinates the paperwork.
Funds Distribution
The buyer's lender wires funds. Your attorney payoffs your existing mortgage(s), pays transfer taxes, their fee, and your agent's commission. You receive the net proceeds by wire or check.
Keys Transferred
Once funds are confirmed, you hand over the keys, garage openers, and any warranties or manuals you have for appliances, systems, or recent work.
SELLER COSTS
What You'll Pay at Closing
| Cost Item | Typical Amount |
|---|---|
| NYS Transfer Tax | 0.4% of sale price |
| NYC/County Transfer Tax | Varies — confirm with attorney |
| Real Estate Attorney Fee | $1,500–$3,000 |
| Agent Commission | Negotiable, typically 5–6% total |
| Mortgage Payoff | Remaining loan balance |
| Outstanding Water/Sewer Bills | Prorated at closing |
| Co-op Flip Tax (if applicable) | Varies by building |
* The NYS Mansion Tax (1% on purchases $1M+) is technically a buyer cost but can influence offer terms in that price range.
Questions About Your Closing?
Jeff will prepare a full seller net sheet so you know exactly what to expect before you ever accept an offer.