New York · Chapter 07 of 26
Title Closing and Costs
How a New York title closing works, who attends, RESPA and TRID timing, title insurance, seller and buyer closing costs, transfer and mortgage recording taxes, and prorations.
30-minute read · Built for the Salesperson Exam
What Happens at a Title Closing
A title closing (closing of title) consummates the sale: the seller delivers the deed, the buyer pays the balance of the price, usually with a mortgage loan plus the buyer's own funds, the seller's existing liens are paid off, and documents are recorded. In much of New York, closings are attended by the buyer, seller, their attorneys, the lender's attorney or closing agent, the title closer and the brokers. Closings may be held at an attorney's office, the lender's attorney's office, or the title company. Before closing, the broker or salesperson commonly arranges a final walk-through inspection with the buyer to confirm the property's condition and that agreed items remain.
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