Closing (Settlement)
Closing is the transaction event when required documents are executed and delivered and funds are disbursed (or escrowed) in exchange for the transfer of the agreed interest, typically followed by recording of instruments and tax filings. In covered consumer mortgage transactions, federal disclosure rules require the borrower to receive the Closing Disclosure at least three business days before closing.
- Where it applies
- General / Federal / NYS / NYC
- When it comes up
- Closing and immediate post-closing
- Property types
- All sales and financings; co-op and condo closings (different instruments)
Read more in the Knowledge Base
- Residential Closing Mechanics in New YorkBuyers
- Closing Table Mechanics - Managing the Flow of Funds and Title TransferBuyers
- Insurance Coverage Transition at Sale - Seller Obligations Through ClosingSellers
- Statewide Closing Mechanics - Attorney Practice, Title, and Recording Outside NYCSellers
- Preventing Closing DelaysSellers
Closing Process
- Closing Disclosure (CD)
- Contract Deposit (Earnest Money) Escrow
- Escrow
- Escrow Agent
- Estoppel Certificate
- Holdback Escrow
- Loan Estimate (LE)
- Mansion Tax (Additional NYS Transfer Tax)
- Mortgage Recording Tax (NYC)
- NYC Real Property Transfer Tax (RPTT)
General information, not legal, tax or financial advice.