NYC Real Estate Attorney’s Closing Report: January 2018
Just a few of our recent closings. If you are also looking to buy or sell at these property addresses, you might want to give us a call.
| Property | Value | Transaction |
| 160 West End Avenue, NY, NY | $710,000 | Coop Purchase |
| 127 Madison Avenue, NY, NY | $1,950,000 | Condo Sale |
| 195 North Village Avenue Rockville Centre, NY | $299,000 | Coop Purchase |
| 263 Warren Street, BK, NY | $3,525,000 | House Purchase |
| 301 East 29th Street, NY, NY | $620,000 | Condo Purchase |
| 37-31 73rd Street, Jackson Heights, NY | $255,000 | Coop Purchase |
| 1399 Remsen Avenue, BK, NY | $450,000 | House Sale |
| 264 Water Street, NY, NY | $1,555,000 | Condo Purchase |
| 61 West 62nd Street, NY, NY | $870,000 | Coop Purchase |
| 155 West 20th Street, NY, NY | $825,000 | Coop Sale |
NYC Real Estate Attorney’s Closing Report: December 2017
Just a few of our recent closings. If you are also looking to buy or sell at these property addresses, you might want to give us a call.
| Property | Value | Transaction |
| 220 Madison Avenue, NY, NY | $725,000 | Coop Purchase |
| 235 East 87th Street, NY, NY | $970,000 | Coop Purchase |
| 222 East 5th Street, NY, NY | $2,050,000 | Condo Sale |
| 5 Beekman Street, NY, NY | $3,625,000 | Condo Purchase |
| 150 East 27th Street, NY, NY | $565,000 | Coop Purchase |
| 519 West 135th Street, NY, NY | $950,000 | Condo Purchase |
| 7 Rockwood Hill, Mount Kisco, NY | $733,600 | House Purchase |
| 400 Central Park West, NY, NY | $675,000 | Condo Sale |
| 171 South Portland Avenue, BK, NY | $1,520,000 | Condo Purchase |
| 6 Glenn Place, Hastings on Hudson, NY | $200,000 | House Purchase |
Acceptable Funds for a NYC Real Estate Closing
We hear this question often from our clients—what methods of payment are acceptable at the closing table?
Aside from the fact that no one wants to sit at the closing table for hours counting out a few hundred thousand dollars’ worth of singles, a bag of money will not suffice for closing. Cash is acceptable up to $1,000, but most sellers require certified or bank checks (which is stated in the Contract of Sale). There are many reasons why cash is unacceptable—counting errors can occur or the cash can easily be stolen after closing.
Personal checks are usually not accepted either. Certified or bank checks provide better assurances for the seller, buyer, lender, and title insurance company by creating a precise accounting of what is being paid. Since there are many fees associated with closing, multiple checks allow for a streamlined transaction.
Certified or bank checks also provide the greatest level of security and reliability. They should not be endorsed, and should generally be payable to the seller directly. However, the seller has the right to direct the buyer to write the balance check(s) to another party, such as the bank the seller is paying off.
While these are the generally accepted rules, we recommend speaking to your real estate attorney for more information, and to confirm what you will need to provide to make sure that your closing goes smoothly.