New York · State statutesNew York real estate closing laws: a checklist for transaction coordinators

New York's rules for a home sale, in the order a transaction meets them: the seller of a one-to-four family home delivers the statutory property condition disclosure statement – including its flood questions – before the buyer signs a binding contract (Real Prop. Law §462). A party signing through an agent needs a power of attorney signed, initialed and dated by the principal, acknowledged, witnessed by two people and acknowledged by the agent, and a third party has ten business days to respond to it (Gen. Oblig. Law §§5-1501B, 5-1504); remote notarization is available through a registered electronic notary in New York (Exec. Law §135-c). At recording, the state transfer tax applies, with the additional mansion tax on residential sales of $1 million or more, and New York City adds its own real property transfer tax. A contractor's lien can be filed for four months after the last work on a single-family home and lasts a year unless foreclosed (Lien Law §§10, 17). After payoff, the lender has 30 days to present the mortgage satisfaction for recording (RPAPL §1921). A recorded transfer on death deed doesn't stop a sale during the owner's life (Real Prop. Law §424).