Where Do You Close on a NYC Condo You Just Purchased?
I represent a purchaser who insists on having the closing of her condominium unit occur at her attorney’s office in New York City. The attorney for the seller insists on having the closing take place at his office on Long Island. How do the parties determine where the closing for a Manhattan real estate transaction will take place?
The contract of sale will determine where the closing for a residential real estate transaction will occur. Customarily, co-op contracts provide that the closing will occur at a location designated by the co-op, which is usually at the offices of the managing agent, or the offices of the co-op’s attorney. In Manhattan condominiums and townhouse NYC purchases, the contract of sale will typically state that the closing will occur at the offices of the seller’s attorney, or at the offices of the attorney for the purchaser’s lender. Therefore, in this case, unless the contract of sale explicitly states that the closing will occur at the offices of the purchaser’s attorney, your purchaser will likely be required to close at the seller’s attorney’s office.