Podcast
Questions and Answers
Which party is legally obligated to be present at the closing of a property transaction?
Which party is legally obligated to be present at the closing of a property transaction?
- The seller's broker
- The buyer's broker
- The buyer and seller's attorneys (correct)
- The title insurance representative
In a cooperative building purchase, where is the closing most likely to occur?
In a cooperative building purchase, where is the closing most likely to occur?
- The title company's office
- The seller's attorney's office
- The building's management office (correct)
- The buyer's attorney's office
What process is essential for determining ownership and identifying potential encumbrances on a property?
What process is essential for determining ownership and identifying potential encumbrances on a property?
- Title search (correct)
- Title closing
- Property appraisal
- Chain of title
When a buyer or seller cannot be physically present at the closing, what legal instrument can they use to authorize someone to sign on their behalf?
When a buyer or seller cannot be physically present at the closing, what legal instrument can they use to authorize someone to sign on their behalf?
In the context of real estate transactions in NYC, what does the acronym 'ACRIS' (as it relates to 'CATTL') stand for?
In the context of real estate transactions in NYC, what does the acronym 'ACRIS' (as it relates to 'CATTL') stand for?
During the closing on real property, which professional ensures the appropriate title is issued?
During the closing on real property, which professional ensures the appropriate title is issued?
Which individual generally does not participate in the closing of a real estate transaction?
Which individual generally does not participate in the closing of a real estate transaction?
In the context of the acronym CATTL, which refers to the documents needed for closing in NYC, the 'C' stands for?
In the context of the acronym CATTL, which refers to the documents needed for closing in NYC, the 'C' stands for?
At what point is the buyer typically acknowledging and accepting the condition of the property?
At what point is the buyer typically acknowledging and accepting the condition of the property?
Which mnemonic acronym assists in recalling the crucial steps of the real estate closing procedure?
Which mnemonic acronym assists in recalling the crucial steps of the real estate closing procedure?
What term describes the distribution of expenses and credits between the buyer and seller during a real estate transaction?
What term describes the distribution of expenses and credits between the buyer and seller during a real estate transaction?
Which of the following is a post-closing expense that a buyer often fails to consider when purchasing property?
Which of the following is a post-closing expense that a buyer often fails to consider when purchasing property?
Which of the following taxes are generally the responsibility of the seller, not the buyer, in a real estate transaction?
Which of the following taxes are generally the responsibility of the seller, not the buyer, in a real estate transaction?
Which closing cost is often required by the lender to protect their investment in the property?
Which closing cost is often required by the lender to protect their investment in the property?
If a buyer is obtaining a mortgage, which tax is exclusively paid at closing?
If a buyer is obtaining a mortgage, which tax is exclusively paid at closing?
What is the name of the search that would NOT reveal the condition of a roof?
What is the name of the search that would NOT reveal the condition of a roof?
Which tax specifically applies to properties sold for over $1 million?
Which tax specifically applies to properties sold for over $1 million?
A 'bundle of rights' refers to what?
A 'bundle of rights' refers to what?
What percentage of the sale price accounts for New York State Transfer tax?
What percentage of the sale price accounts for New York State Transfer tax?
If a buyer is getting a mortgage to buy, where is the closing likely to occur?
If a buyer is getting a mortgage to buy, where is the closing likely to occur?
What document confirms the legal transfer of property ownership from the seller to the buyer?
What document confirms the legal transfer of property ownership from the seller to the buyer?
Which professional is primarily responsible for ensuring that all documents are accurate and legally binding at closing?
Which professional is primarily responsible for ensuring that all documents are accurate and legally binding at closing?
What protection does title insurance provide to the buyer and lender?
What protection does title insurance provide to the buyer and lender?
Which of the following best describes the purpose of an escrow account in a real estate transaction?
Which of the following best describes the purpose of an escrow account in a real estate transaction?
What is the notice of pendency?
What is the notice of pendency?
What is the purpose of filing a UCC-1 statement in a real estate related transaction?
What is the purpose of filing a UCC-1 statement in a real estate related transaction?
An individual has the right to enter or cross over another's property. This is known as?
An individual has the right to enter or cross over another's property. This is known as?
What is a cloud on title?
What is a cloud on title?
What is title vesting?
What is title vesting?
What does REBNY stand for?
What does REBNY stand for?
What is the function of a real estate attorney?
What is the function of a real estate attorney?
What is a flip tax?
What is a flip tax?
What is the common range that a flip tax can be?
What is the common range that a flip tax can be?
What is the name of the report containing the history of ownership of a property?
What is the name of the report containing the history of ownership of a property?
What is an example of a cloud on title?
What is an example of a cloud on title?
Flashcards
Who attends the closing?
Who attends the closing?
The buyer and seller's attorneys.
What is a Title Search?
What is a Title Search?
Examination of public records to determine ownership and encumbrances.
Power of Attorney
Power of Attorney
Granting someone the authority to sign on their behalf.
CATTL: What does 'A' stand for?
CATTL: What does 'A' stand for?
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Title insurance representative
Title insurance representative
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Who does NOT attend closing?
Who does NOT attend closing?
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CATTL: What does 'C' stand for?
CATTL: What does 'C' stand for?
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When buyer accepts property condition?
When buyer accepts property condition?
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What is CATTL?
What is CATTL?
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What is Proration?
What is Proration?
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Overlooked buyer's cost?
Overlooked buyer's cost?
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Closing cost NOT paid by the buyer?
Closing cost NOT paid by the buyer?
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Closing cost lender passes to buyer?
Closing cost lender passes to buyer?
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Tax buyer pays at closing with a mortgage?
Tax buyer pays at closing with a mortgage?
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What won't show on a title search?
What won't show on a title search?
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Tax for properties over $1M?
Tax for properties over $1M?
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What is a Title?
What is a Title?
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NY State Transfer Tax %?
NY State Transfer Tax %?
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Closing location with a mortgage?
Closing location with a mortgage?
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Study Notes
- The buyer and seller's attorneys typically attend the closing.
- The building management company's office generally hosts the closing when buying into a cooperative building.
- A title search is an examination of public records to determine the ownership and encumbrances affecting a real property.
- If a buyer or seller cannot attend a closing, they can grant power of attorney to allow their attorney to sign on their behalf.
- The letter 'A' in the acronym 'CATTL' refers to ACRIS.
- The title insurance representative attends real property closings to ensure the title is issued properly.
- The appraiser typically does NOT attend the closing of a property.
- The letter 'C' in the acronym "CATTL" refers to Checks.
- In most transactions, the buyer accepts the condition of the property at the signing of the contract.
- CATTL is an acronym that can be used to remember steps in the closing process.
- Proration is the allocation of closing costs and credits to the buyer and seller.
- Immediate upkeep costs are the buyer's costs that are commonly overlooked in a transaction.
- Capital gains tax is NOT paid by the buyer.
- When a buyer obtains a mortgage, the title insurance may be passed on through the lender to the buyer.
- When obtaining a mortgage to buy real property, the buyer is required to pay mortgage recording tax at closing.
- The condition of the roof will NOT show up when conducting a title search on a property.
- Mansion Tax is paid when the purchase price exceeds $1 million.
- Title is a legal term for a bundle of rights in a piece of property, where a party may own either a legal or equitable interest.
- The New York State Transfer tax equals 1% of the sales price.
- When the buyer is taking out a mortgage to buy a home or condominium, the closing might take place at the lender's attorney's office.
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Description
Explore the real property closing process, including the roles of attorneys, title insurance representatives, and building management. Learn about title searches, power of attorney, and the CATTL acronym for remembering closing steps. Understand proration and property condition acceptance in transactions.
