NYC Residential Closing Attorney

Residential Real Estate Closings in New York City

Purchasing or selling a home in New York City is a major financial decision, and the legal requirements surrounding residential real estate transactions are more demanding than in most other markets. New York is an attorney-closing state, meaning that lawyers play a central and required role in every residential purchase and sale. From the moment a purchase agreement is drafted through the final recording of the deed, your attorney is your primary advocate and protector.

At Agarunov Law Firm, P.C., we represent buyers and sellers in residential real estate closings involving townhouses, brownstones, single-family homes, and multi-family properties throughout Manhattan, Brooklyn, Queens, the Bronx, Staten Island, and Long Island. For co-op and condominium transactions, we offer dedicated legal services tailored to those specific ownership structures.

Our Residential Closing Services

Contract Review & Negotiation

The contract of sale is the most important document in any residential real estate transaction. It sets forth the purchase price, deposit terms, financing contingencies, closing date, representations and warranties, and the conditions under which either party can cancel the deal. In New York, the seller's attorney typically prepares the initial contract, and the buyer's attorney reviews, negotiates, and modifies it to protect the buyer's interests.

We review every provision carefully, paying particular attention to contingency clauses for mortgage financing, inspection rights and how defects are handled, deposit amounts and escrow terms, title requirements and what constitutes a marketable title, apportionment of taxes, water charges, and other expenses, and the timeline for closing and any extension provisions.

Title Search & Examination

Clear title is the foundation of every real estate purchase. Before closing, a comprehensive title search is conducted to confirm the seller has the legal right to sell the property and that no outstanding liens, judgments, easements, or other encumbrances exist that could affect your ownership. We coordinate the title search, review the title report in detail, and work to resolve any title issues before closing.

Common title issues in NYC residential transactions include outstanding tax liens, open building permits or violations, incorrect legal descriptions, unreleased mortgages from prior transactions, boundary disputes, and claims from unknown heirs or prior owners.

Mortgage Document Review

If you are financing your purchase, your lender will require you to sign a substantial package of mortgage documents at closing. We review these documents before closing to verify that the interest rate, loan terms, and closing costs match what you were promised. We identify any discrepancies, unexpected fees, or unfavorable terms and work to resolve them with your lender before you sign.

Closing Representation

At closing, we represent your interests by reviewing all documents for accuracy, ensuring the title is clear and insurable, verifying that all contract conditions have been met, explaining every document you are signing, confirming proper distribution of funds, and ensuring the deed is properly executed and recorded.

Seller Representation

For sellers, we prepare the contract of sale, respond to buyer attorney comments, coordinate with your broker, prepare the deed and transfer documents, calculate closing costs including NYC and NYS transfer taxes, and represent you at closing to ensure a clean transfer.

Types of Residential Properties We Handle

• Townhouses & Brownstones: Fee simple purchases and sales, including historic properties with landmark considerations
• Single-Family Homes: Traditional home purchases and sales in all five boroughs and Long Island
• Multi-Family Properties (2-4 Units): Investment properties with owner-occupied and rental components, including rent-stabilized tenant considerations
• New Construction: Purchases from developers and builders, including warranty issues and certificate of occupancy verification
• Estate Sales & Foreclosures: Transactions with unique title and procedural requirements

For cooperative apartment and condominium transactions, please visit our dedicated practice pages.

Understanding NYC Closing Costs

Buyer Closing Costs

Buyers should budget approximately 2-5% of the purchase price for closing costs including attorney fees, title search and insurance, mortgage recording tax (1.8% for loans under $500,000; 1.925% for loans of $500,000 or more), mansion tax for purchases of $1 million or more (sliding scale from 1% to 3.9%), lien and judgment search fees, recording fees, and bank attorney fees if financing.

Seller Closing Costs

Sellers typically pay NYC Real Property Transfer Tax (1% for sales under $500,000; 1.425% for sales of $500,000 or more), New York State transfer tax (0.4% plus 0.65% for properties over $3 million), attorney fees, broker commissions, and any outstanding liens or assessments satisfied at closing.

Serving New York and New Jersey

Agarunov Law Firm is licensed to practice in both New York and New Jersey. In addition to representing clients across all five NYC boroughs and Long Island, we handle real estate transactions in Northern and Central New Jersey including Bergen County (Englewood, Fort Lee, Hackensack, Teaneck, Paramus), Hudson County (Jersey City, Hoboken, Weehawken), Essex County (Newark, Montclair, Livingston), Passaic County (Paterson, Wayne, Clifton), and Middlesex County (New Brunswick, Edison, Woodbridge).

Our dual-state licensing allows us to represent clients in cross-border transactions and provide seamless legal counsel whether your property is in New York, New Jersey, or both.