HICKSVILLE, N.Y.— The closing will be a very important day for the seller of the property. This will be when you officially transfer the property to the buyer, fully pay off any mortgage, and receive your sale proceeds. Long Island real estate law firms, Markotsis & Lieberman Esq., lists and explains some closing documents involved in the selling of a property.
- The DeedA deed is the physical legal document that will transfer ownership of the property from the seller to the buyer. The deed will include the identification of both parties and a detailed description of the property being sold. It gets recorded to give the world notice as to the rightful owner.
- Transfer FormsThese forms go along with the Deed. In New York State, the Seller pays a transfer tax, and one of these forms calculates that tax.
- Closing StatementThe closing statement will show how much money you’ll get after accounting for closing costs, taxes and any other transaction fees that occurred during the sale of your property. Your attorney will prepare this form for you,
- Mortgage PayoffIn the event you have a mortgage at the time of your sale, you will need to obtain a mortgage payoff prior to the closing so you know how much you need to pay the lender to satisfy the loan. At the closing, the title closer will confirm the amount with the lender.
When selling your property, there will be a significant amount of paperwork and documentation throughout the process. It can be daunting and overwhelming but hiring an experienced and confident real estate attorney to assist you can make all the difference. They can advise you every step of the way to ensure selling your property goes as smoothly as possible.
About Markotsis & Lieberman, Esq.: Markotsis & Lieberman, P.C. Real Estate Attorney is a general practice law firm. Practice areas include real estate, litigation (commercial and civil), business formations, agreements and transactions, and wills, trusts and estates. Our team of seasoned attorneys are here to guide you through every step of the legal process providing personalized attention to every client. When you’re facing a complicated legal situation, our team of legal experts is there to fight for your rights.