RESOURCES
  1. REAL ESTATE TRANSACTIONS
    April 29, 2019
    What does your attorney do to close a real estate purchase and sale? While the responsibilities in a real estate deal of the seller’s attorney and that of the purchaser’s attorney differ, several responsibilities are indeed shared. It’s important to understand closing any real estate sale is not necessarily an adversarial process. The purchase and sale of real estate should be approached by your attorney, and broker if you have one, as a collaborative process. Among other things, a common responsibility of closing attorneys, whether representing the seller or purchaser, is to closely examine title to the property. The closing attorneys, title insurance company, and title examiner selected by your attorney, and he lender’s attorney, each very carefully review the title examination for any defects. If any defects in title or other issues arise the attorneys strive to resolve those issues. Some defects in the title are more serious than others. Some defects are cured by title insurance, yet there are certain other defects not resolved by insurance, and thus would require you absorbing the risk of that defect or canceling the transaction altogether. The Law Office of Scott V. Bernard typically waives our fee when a residential real estate transaction is canceled because of issues preventing the obtainment of clear title. When you’re the seller, your attorney coordinates the issuance of title insurance to the lender (paid for by the buyer) and the new home buyer. Understand, there is a difference between lender’s title insurance and the buyer’s title insurance. Lender’s require title insurance in EVERY circumstance and every transaction! It is the strong recommendation of this office and best practice that buyers purchase their own title insurance as well to insure the largest investment of your lifetime is properly protected. When the closing day is finally scheduled the closing attorneys for the buyer, seller, and mortgage company coordinate a time to sign the necessary papers to close the transaction. At closing, the buyer attends, but not the seller, at which time the buyer receives the keys. There is a plethora of paperwork that needs to be “filed” with the county clerk, including recording the deed, mortgage, any required affidavits, tax payoffs, mortgage payoffs and discharges for any open mortgages, payment of realtor commissions, disclosure and payment of lender fees and closing costs, funding mortgage escrows, payment of transfer tax and recording fees, payment of pre-paid interest, distribution of sale proceeds and summary of all disbursements and distribution of money which is all illustrated on the closing statement and closing disclosure. Please contact The Law Office of Scott V. Bernard for all of your real estate needs. *Attorney advertising*
    NY Courts
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