Law.com Subscribers SAVE 30%

Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.

New York Real Estate Law ReporterKickerFeaturesSectionsNewsLJN Newsletters

Escrow Closing Mechanics

By Lawrence A Kobrin and Timothy Gallagher
July 30, 2013

Not so long ago, the “closing” of a transaction ' ranging from a simple one-family house transfer up to a complex commercial purchase ' meant that all of the parties and all of their attorneys and advisers, the lenders and their counsel, and the title insurance company or companies would squeeze into a room, exchange happy or sad looks, and trade multiple documents. There were actual checks to be signed and handed over and by the magic of “gap” insurance, we took the risk that the title closer who gathered up all the papers would actually get them to the recording office before much time had expired or the facts changed.

At some point, New York practitioners heard of the development of a “California Style Closing,” where both the funds and documents were deposited with the title company and when the title was cleared, the deposited documents were released, recorded and transmitted and the funds released to the correct parties.

This premium content is locked for Entertainment Law & Finance subscribers only

  • Stay current on the latest information, rulings, regulations, and trends
  • Includes practical, must-have information on copyrights, royalties, AI, and more
  • Tap into expert guidance from top entertainment lawyers and experts

For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473

Read These Next
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It Image

Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?

Bankruptcy Sales: Finding a Diamond In the Rough Image

There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.

The DOJ's Corporate Enforcement Policy: One Year Later Image

The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.

A Lawyer's System for Active Reading Image

Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.

Blockchain Domains: New Developments for Brand Owners Image

Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.