On February 27, 2016, East Coast Abstract, Inc. (ECA) participated in Nassau County Bar Association’s two-day Bridging the Gap CLE seminar, in Mineola.
The Bridging the Gap CLE offered a variety of legal topics designed to assist newly admitted attorneys with developing a foundation in practical skills, techniques, and procedures that are essential for the practice of law. ECA delivered “The Real Estate Closing – What You Should Be Prepared For,” in a mock closing style that was very well received.
With over 100 attendees at the seminar, ECA presented key issues that can arise during a residential real estate closing. Some of the key issues included the importance of a Certificate of Occupancy, specific documents required from out of state sellers/non-residents, such as the IT2663 NYS Tax forms, a Power of Attorney for sellers/buyers who are not in attendance at the closing, and when a Boundary Line Agreement should be used.
ECA highlighted the importance of having real estate taxes, adjustments, and exemptions prepared beforehand to remain in TRID compliance, as well as the importance of confirming a Mortgage or Home Equity Line of Credit (HELOC) payoff letter. Additionally, ECA explained how to properly complete the transfer documents (RP 5217) to ensure that the respective recording offices will accept and record the documents to complete the closing process.