Selling a Co-op in NYC: Scheduling a Closing/ Attending the Closing

Post Contract and Prior to Closing

If Purchaser has obtained Financing/Loan/Mortgage and been approved by the Cooperative Board, a Closing can be scheduled.

The Closing is a “meeting” in which the Stock Certificate for the Cooperative Apartment along with other documentation is given to the Purchaser and total Purchase Price is given to the Seller. The Closing customarily takes places at the cooperatives Managing agent’s office.  It almost always occurs during the workweek between 9:00 AM and 5:00 PM. It does not occur on weekends as a managing agents and others necessary to consummate the closing are simply not available on weekends. Kishner Miller Himes would certainly prefer closings on weekends.  All of the relevant Parties/individuals in the transaction will be present at the Closing table which are as follows:

1. The Seller.  This applies if the Seller has not given authorization via a Power of Attorney to have an “Authorized Agent” acting on their behalf. A power of attorney may be provided to Kishner Miller Himes, thereby allowing the seller not to have to actually attend a closing. Nowadays, it has almost become typical for a seller not to be present at a closing because of the rather common usage of a power of attorney. A properly drafted power of attorney must be requested from your attorney. It is hard sometimes for a seller to take off a day of work in order to attend a closing where the net result is essentially the same that the net proceeds from the sale is safely delivered into your bank account. Kishner Miller Himes will follow your instructions and may make either make a direct deposit right into your New York bank account and/or wire the funds into your bank account.

2. The Seller’s Attorney; …. You may almost rest assured, that it will never be Kishner Miller Himes , holding up a closing for you. We pride ourselves in making ourselves available to accommodate almost any closing date.

3. The Seller’s Bank’s attorney.  This applies if the Seller has an existing Mortgage to “pay-off” at the time of Closing. The seller’s bank is needed to deliver the original shares and proprietary lease to the closing.

4. The Purchaser. This applies if the Purchaser has not given authorization via a Power of Attorney to have an “Authorized Agent” acting on their behalf

5. The Purchaser’s Attorney;

6. The Purchaser’s Bank’s attorney.  This applies if the Purchaser is obtaining Financing/Mortgage/Loan.

7. The Managing Agent via an authorized representative.

8. The Real Estate Brokers.