Buying or selling a home in New Jersey or New York can be overwhelming.  Unfamiliar terms may be thrown out to you such as, “escrow,” “title,” “binder,” and “real estate settlement.”  The entire process can be stressful, especially if you are a first time homebuyer.

As you progress in a New Jersey or New York real estate transaction, it is important to know what to expect in the final step of the process, known as the closing or settlement.  The close of escrow date is established during the negotiation of the real estate contract.  Several weeks are usually allowed to close, as many people need to secure financing and there needs to be time for the home inspection.

During the real estate settlement, the buyer will be required to sign legal documents, which can include lender documents that address the terms and conditions of the home loan and the real estate agreement with the seller, transferring ownership of the property.  If you are the buyer in a real estate transaction in New Jersey or New York, you need to read the documents carefully.  It would be wise to have a real estate attorney review the agreements before you sign.

At settlement, the buyer will need to pay the closing costs associated with the real estate transaction.  These fees include those from obtaining a mortgage and transferring property ownership and may include such expenses as property insurance, title services and lender charges.  Usually these closing costs are paid out of pocket.

Settlement in a real estate transaction usually takes place on a specified date and time.   At that point, the funds are distributed and the property exchange occurs.  The deed is also recorded.

If you are purchasing a property or selling a property in New York or New Jersey, you should contact an experienced Staten Island real estate lawyer at Decker & Decker at (718) 979-4300 for assistance with your real estate transaction.  Our law firm is experienced in the most common real estate transactions and we have been helping families buy or sell their houses for years.