New York Real Estate Closing Guide

How Closing Works in New York

1. 1

   Sign the Purchase Agreement

   Both buyer and seller sign the purchase and sale agreement. This is the binding contract that sets price, contingencies, and the target closing date.

2. 2

   Hire a Closing Attorney

   Because New York is an attorney state, you must engage a licensed real estate attorney immediately after signing the contract. The attorney will conduct the title search, prepare closing documents, and preside over the closing.

3. 3

   Title Search & Title Insurance

   The title company searches public records to uncover any liens, easements, or title defects. New York's average title insurance cost is $3,000. The buyer typically pays.

4. 4

   Lender Review (Financed Purchases)

   Your lender completes underwriting and issues a Closing Disclosure at least 3 business days before closing. Review it carefully — it lists all closing costs and loan terms.

5. 5

   Closing Day

   Sign all transfer documents, pay closing costs including 1.4% transfer tax, and receive the deed. Avg recording fee in New York: $200–$600.

Frequently Asked Questions