What documents do I sign at a Closing in NYC
You’re purchasing a home in New York and you have a closing scheduled. What’s next? What documents do I sign at that Closing?
This is a question I get all the time when I represent clients in the purchase of a home in NYC, so I wanted to put together a very short podcast to answer in detail. The first thing to remember is that banks are ridiculously inefficient and use hundreds of pages of paper for each closing, when all of this could/should be done online. Rant over. The second thing to remember is that your wrist is going to hurt, but we’ll get through it.
You’re going to be signing documents at the closing which include the following:
- Uniform Loan Application (you will have already signed this and submitted this prior to closing, but you’ll be asked to sign again.)
- Mortgage Commitment Letter (you will have already signed this and submitted this prior to closing, but you’ll be asked to sign again.)
- Affidavit that the home will be your permanent residence.
- Affidavit that you’ve not been known by any other names
- Closing Disclosure (very easy to read document which outlines every fee you will be responsible for paying at the closing.)
- “We share your info to credit agencies when you don’t pay” form
- “We work with 8934 companies that provide services and may share your info” form.
- Errors and Omissions form (if they screw up spelling, you agree to let them fix it.
- Auto-debit form (the irony of this is that many bank attorneys will tell you NOT to fill this out because the banks are known to lose this form after you send it back.)
You get the idea. I go into specifics in the short podcast below. In 5 minutes you’ll hopefully know much more about what happens on the day of Closing and how long the entire process will take.