Attorney Review in New York
New York is one of the few states where attorneys are directly involved in residential real estate transactions. After the buyer and seller sign the contract, both sides have a three-day attorney review period. During this window, attorneys can propose modifications to the contract terms, including inspection contingencies, mortgage contingency deadlines, and closing date. This is a negotiation phase, not a formality — the terms that emerge from attorney review shape the rest of the transaction.
Title Search and Insurance
The title company searches public records to confirm that the seller has clear ownership and that no liens, judgments, or encumbrances exist that would prevent transfer. Title insurance protects the buyer (and their lender) against any defects in title that were not discovered during the search. In New York, the buyer typically pays for lender's title insurance, and owner's title insurance is optional but strongly recommended. Title issues — old mortgages not properly discharged, estate complications, boundary disputes — are more common than buyers expect.
What Happens on Closing Day
Closing day in New York involves signing a stack of documents at the title company or attorney's office. The buyer brings a certified or cashier's check for the balance of closing costs (the lender wires the mortgage funds separately). The seller signs the deed transfer. Both sides sign the closing statement documenting all financial line items. Keys are handed over once the deed is recorded with the county clerk. The final walkthrough, typically done the morning of closing, confirms the property is in the agreed-upon condition.