Jolie Muss,  in Upper West Side, New...

How many many hours does the average NYC residential closing take?What was the longest closing you ever attended?

Asked by Jolie Muss, Upper West Side, New York, NY Thu Feb 2, 2012

My most recent coop closing took over 4 hours but that was because the seller's attorney had accidentally (?) brought the wrong file and had to go back to his office in the Bronx from midtown to retrieve it (Luckily the seller's cousin had a car)

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Closing should only take an hour if all parties present are competent at what they do, however we have to allow for the "human factor". Sometimes there are those days from hell where everything that can go wrong will go wrong..."Murphy's Law"'s. I once had a closing that took 2 days to complete! The mortgage broker kept sending the wrong paperwork! We eventually adjourned & finally he got it right the next day. I was never quite sure if it was a genuine mistake or if he wanted to slide the higher rate past the new home buyer & have them cave under pressure. Fortunately the buyer was alert & remained unruffled.
0 votes Thank Flag Link Fri Feb 3, 2012
A lot depends on the lawyers. If the 2 lawyers have discussed everything prior to closing then it shouldn't take more than 1 1/2 hours to 2 hours. The longest closing I ever had took 6 hours because the lawyer screwed up and the commitment was set to expire so we couldn't adjourn
0 votes Thank Flag Link Thu Feb 2, 2012
I'm in Long Island, not quite NYC, but it shouldn't be different at all. It takes an average of 2-3 hours. The paperwork is done much sooner but it's the funding of the transaction that can time consuming depending on the where the buyer's lender is located. The longest I have waited is 4-5 hours and again it was the funding portion that caused the delay.
0 votes Thank Flag Link Thu Feb 2, 2012
It really depends if the purchase is all cash or if there are existing mortgages. I was to one last week that was 35min, one the week before that took 6 hours.
0 votes Thank Flag Link Thu Feb 2, 2012
The average closing in NYC is 1 hour. If it takes longer that means that one of the lawyers didn't come prepared (that means the title closer too). I once had a closing taking over 2 hours because the buyer closed for himself. He was a new ADA in the Bronx and thought he knew everything. He had no clue about real estate.
I often go to the closing to check over the paperwork. I have found errors only 5 times in 25 years and we still closed those loans in under 1 hour.
0 votes Thank Flag Link Thu Feb 2, 2012
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