For property transactions in New York City, several key documents are typically required to ensure the legality and smooth transfer of ownership. Here’s a comprehensive list:
For Buyers:
- Purchase Agreement (Contract of Sale): The formal agreement between the buyer and seller outlining the terms and conditions of the sale.
- Mortgage Application and Commitment Letter: Documents required if the buyer is financing the purchase through a mortgage.
- Home Inspection Report: A report from a licensed home inspector detailing the condition of the property.
- Appraisal Report: An independent assessment of the property’s value, usually required by the lender.
- Title Insurance Policy: Protects the buyer against any potential claims or disputes over the property title.
- Proof of Homeowners Insurance: Required by lenders to ensure the property is insured upon transfer of ownership.
- Closing Disclosure: A detailed statement of the final loan terms and closing costs, provided by the lender.
- Certified or Cashier’s Check: For closing costs and down payment.
- Personal Identification: Government-issued ID for verification.
For Sellers:
- Deed: The legal document that transfers ownership from the seller to the buyer.
- Property Disclosure Statement: Details the condition of the property and any known issues, required by New York State law.
- Payoff Statement: From the seller’s lender, detailing the remaining balance on the mortgage to be paid off.
- Tax Certificates: Proof that property taxes have been paid up to date.
- HOA Documents: If the property is part of a Homeowners Association, relevant documents and disclosures.
- Final Utility Bills: Proof that utility bills have been paid up to the closing date.
- Keys and Access Codes: All keys, garage door openers, and access codes for the property.
Common to Both Parties:
- Escrow Agreement: If applicable, details the terms of any escrow arrangements.
- Settlement Statement (HUD-1 Form): Itemizes all costs and fees associated with the transaction, provided by the closing agent.
- Bill of Sale: Transfers ownership of any personal property included in the sale (e.g., appliances).
- Transfer Tax Returns: Required for the payment of state and city transfer taxes.
- Survey: A property survey detailing the boundaries and physical features of the property, sometimes required by the lender or title company.
- Occupancy Agreement: If the seller will remain in the property for a period after the sale, this agreement outlines the terms.
Additional Documents for Condos/Co-ops:
- Board Application Package: Required by the co-op or condo board for approval, including financial statements and personal references.
- House Rules and By-Laws: Governing documents of the co-op or condo association.
- Stock Certificate and Proprietary Lease (for Co-ops): Evidence of ownership in the co-op corporation and the lease agreement for the unit.
Legal and Compliance Documents:
- Lead Paint Disclosure: Required for properties built before 1978.
- Certificate of Occupancy: Confirms the legal use of the property.
- Radon Test Results: Sometimes required, especially in certain areas.
- Smoke and Carbon Monoxide Detector Certification: Proof that these devices are installed and functioning.
Having all these documents prepared and organized can help ensure a smooth transaction process for both buyers and sellers in New York City.