Dolgetta Law

Important Elements of The Real Estate Transaction: The “On or About” Closing Date and “Time of the Essence” Letter

Real estate closings in parts of New York State do not always go as smoothly as one would like. In many other states, real estate transactions are handled primarily by the real estate agents, and not the attorneys, who negotiate the offers between sellers and buyers and primarily deal with the preparation of contracts. Title companies and escrow or settlement agents usually facilitate the actual closing process. In these “escrow states,” the closing process is many times quicker, usually occurring within 30 to 60 days.

The Agent and Real Estate Attorney in New York

In New York, however, the real estate agents negotiate the initial offer and counter-offer phase, and once the seller accepts a buyer’s offer, the agent prepares the memorandum of sale which the real estate attorneys use to prepare contracts. The attorney then handles the rest of the transaction. The closing process in New York takes customarily 60 to 90 days, if  everything proceeds smoothly. It is not uncommon, however, for a closing to extend beyond the 90-day or even the 120-day range, if unexpected issues arise.

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