In New York, the Contract of Sale will typically state that the closing shall occur “on or about” a specified date at the office of the Seller’s attorney or the Purchaser’s lender’s attorney’s office. An “on or about” closing date means that the closing date may be adjourned by either party for a reasonable period of time.
For example, if the Seller needs more time to clear title or the Purchaser needs more time to obtain clearance from their lender, either party may adjourn the closing for a reasonable period of time.
In some cases, the contract will specify that “time is of the essence” with respect to the closing date. For example, on an “all cash” deal with no financing the Purchaser may agree to such a fixed closing date. Should the Purchaser fail to appear at the closing, the Seller would have the right to retain the Purchaser’s downpayment as liquidated damages.
The location of the closing is typically in the same County in which the subject property is located. However, in some cases, the closing may be in an adjacent county or even completed remotely.
*Thank you for taking the time to read this article. This article is part of our “From Contract to Closing; Demystifying NY Residential Real Estate” Series. Other aspects of residential real estate transactions in New York are discussed in other Parts of this series.
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