The real estate settlement is the final step in purchasing or selling a property in New York or New Jersey.  Whether you are a first time homebuyer or veteran real estate investor, it is crucial that you know what to expect during a New York real estate settlement.

The date of the New York or New Jersey real estate settlement is usually negotiated at the beginning of the purchase process and is specified in the real estate contract.  At settlement, the final documents are signed, funds are distributed and the property is exchanged.  The deed to the property will also be recorded, reflecting the new ownership.

If you are the buyer in a real estate transaction, you will be required to pay closing costs, if applicable, at the settlement.  Closing costs generally include fees from obtaining a new mortgage and transferring property, including property insurance, title services and lender charges.  You will also need to sign legal documents at settlement, including lender’s documents if you used financing to obtain the property.  Read everything carefully to ensure that all of the agreed upon terms are included in the contract and lender’s documents.  A New York real estate attorney can help you by reviewing your paperwork before you sign.

Contact the law office of Decker, Decker, Dito & Internicola, LLP at (718) 979-4300 or (800) 976-4904 for assistance with your real estate transaction.