Is a 30-Day Home Closing Right for You?
In Upstate NY, the attorney’s role in a typical residential real estate transaction involves the review of an “abstract of title,” which is compilation of deeds, mortgages, easements, etc., from the past. This physical document is passed among various parties involved in the transaction at least a half dozen times. As you can probably imagine, sometimes the abstract is lost or misplaced and has to be recreated (which can take many weeks), and sometimes it sits in an office for a week waiting to be picked up or delivered to another party – which can delay closings and interfere with the parties anticipated timelines.
The majority of states across America today close residential real estate transactions in just 30 days. These transactions can close faster due to extensive use of title reports in lieu of abstracts. A title report contains the same information that is included in an abstract, but a title report is a digital document that can be emailed and shared with all interested parties simultaneously.
In Upstate NY, residential real estate transactions typically take 60-90 days to close. However, buyers and sellers should know that an option to close in 30-days exists!
Who should you choose a 30-day closing?
Parties wishing to expedite closings should agree upfront that the Buyer should order a title report in lieu of an abstract, and the scheduled closing date should be treated as a set date, not a “target” date. To help parties achieve this result, we have developed a Rider that can be filled out by the parties and their real estate agents and attached to the purchase agreement.
Interested in learning more? Please contact Klausner Cook, PLLC at 607-272-0800 or submit a form on our contact us page. Our firm is focused on helping clients achieve their goals and desires. Let’s get you home – faster!
Disclaimer: The information in this blog post (“post”) is provided for general informational purposes only, and may not reflect the current law in your jurisdiction. No information contained in this post should be construed as legal advice from Klausner Cook, PLLC. or the individual author, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through, this post without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer licensed in the recipient’s state, country or other appropriate licensing jurisdiction.