Posted by John_NorCal on 2/8/07 11:56am
Msg #174690

New York purchase closing

I accepted an assignment for a purchase closing of a New York property. Are there any specific NY requirements as to witnesses, etc?

Reply by PAW on 2/8/07 1:21pm
Msg #174710

NY is not a witness state, but there may be some rather strange looking tax documents in the package. Should not present any problems, though, especially if the borrowers have financed other properties in NY.

Reply by MikeC/NY on 2/8/07 3:35pm
Msg #174747

There are no special requirements for the signing. There are two tax docs having to do with transfer taxes that have to be signed by both buyer and seller, but if this is e-docs you may not see them because one is a multipart carbon form. The TC needs these in order to record the deed and mortgage, but it's possible they would handle these separately.

Reply by John_NorCal on 2/8/07 3:47pm
Msg #174751

Thank you Paul and Mike. This will be an overnight pkg, so

it should present no problem.

Reply by MikeC/NY on 2/8/07 4:11pm
Msg #174757

If the tax docs are in the overnight package

one of them (TP-584) is confusing and may require signatures in several places. With any luck, the TC will have the correct boxes checked off and indicate which sections need to be signed.

Also, if your party is the seller, there will probably be a third form for payment of estimated income taxes by a nonresident on the proceeds of the sale. NY is can be a tax nightmare when it comes to real estate.