Real Estate LawyerThere are few bigger reliefs in the home buying process than finally getting the keys to your new home. It makes the wait, the stress, and the frustration you’ve experienced since deciding to buy a new home worth it.

But how do you get those keys and when should you expect to get them?

In most cases, you’ll receive the keys to your new home at the end of the closing. This means you’ll pay the money you owe towards the purchase of the house, the seller will receive the proceeds from the sale of the home, and everyone involved in the process will receive their fees. These closing costs in New York can average several thousands of dollars. Your attorney will tell you exactly the amount needed to bring to closing and if you’re applying for a mortgage, your lender is required to give you an estimate of all of your closing costs. Once paid, the home will officially be listed as yours on the deed and you’ll receive the keys.

Reaching this point of the buying process sometimes feels like an uphill climb and might have a few bumps along the way. Your lawyer can help you make sure everything is in order and this final step in the buying process goes smoothly.

How New York is Different

In New York, the closing on a home purchase is a bit different than it is in other states. Multiple parties are involved in New York closings, unlike states where the buyer’s attorney can represent the buyer, the lender, and the title company. Coordinating these three entities, and sometimes more than these three, can be a hassle and result in the closing extending beyond the original contracted date.

In some cases, you’ll need or want to move into your new home before the official closing date is set (this often occurs because the buyer is selling their current home and has nowhere to go once the closing on that home is complete).

In this case, it’s possible for your attorney to help you create a Use & Occupancy Agreement that allows you to work around conflicts with the closing date. You’ll be able to get the keys and move into your new home, even though you are not yet the legal owner. Use & Occupancy Agreements create several legal concerns, so it’s essential you have an attorney help you with the arrangement. Sometimes a seller can’t deliver possession of the home at the closing due to issues with moving out or closing on a purchase of their own. In these situations, most contracts give a seller a right to remain in the home for several days post-closing. Your contract of sale should address this common scenario.

Never is patience more a virtue than when buying a home in New York. If you have questions about closing and getting the keys to your new home, or you want to know how to make the home buying process go as smoothly as possible, contact the Law Offices of Elan Wurtzel by calling 516.822.7866.