If you’re financing, the bank will be working on clearing your loan to close. When the loan is cleared, your real estate attorney can schedule the closing date. When the closing date is set, you will need to purchase homeowners insurance and complete a final walkthrough.

Purchase Insurance

You’ll need to find a trustworthy insurance broker before you close. They have a legal duty to help you obtain appropriate coverage at a reasonable price. Send a copy of the homeowners insurance policy to your attorney and mortgage lender to avoid delays.

The Final Walkthrough Final Walkthrough

A final walkthrough is typically performed 12-48 hours before closing. Its primary purpose is to make certain that the property is in the condition you agreed to buy, that agreed upon repairs, if any, were made and that no damage has occured to the property since your last viewing.

If there is an issue, make a note of it, and take a photo. Email your attorney about the issue with the photo, and your attorney will negotiate with the seller’s attorney. If the problem is not considered “as-is,” it must be fixed or a credit may be issued to you at closing in lieu of the repair.

The Closing

Your journey to becoming a homeowner in New York City is almost complete. The managing agent will generally coordinate with the attorneys, bank and title company representative to set the closing date and time. Arrive with your ID and your checkbook to cover any minor last-minute “adjustments” that spring up.

The closing costs below are approximated to provide a general estimate of expenses. Please confirm with your mortgage lender and real estate attorney for exact numbers.

Work with a Bizzarro Agency Buyer’s Agent