Posted by B.L.Renfrow on January 19, 2000 at 20:10:20:
Yes, that is one of the quirks of New York state (not just in the city) that all closings are handled by either attorneys or attorney-owned title companies.
However, it’s not a big deal. When you read an article or post referring to a “title company” in the context of a RE closing, just substitute “attorney.”
What you want to do is find an attorney knowledgeable about real estate and explain exactly what you want to accomplish. If they understand, they should be happy to arrange a double closing, since they can bill double the fee!
Having said that, it can be a challenge to find an attorney who is willing to consider doing something a little different than their usual way. However, with all the attorneys in NYC, it shouldn’t be too hard.
Now, you should be thinking that in a L/O, it is to your advantage to have an attorney already lined up to handle everything. Don’t wait for the buyers to arrange it. In fact, you want to make it as easy as possible for them. What I do is offer to help arrange the financing, find the attorney, make sure they obtain fire insurance, so all they have to do is show up and sign.
Of course, some buyers will want to use their own attorney, but most couldn’t care less. The simpler things are, the better. No disrespect intended, but the more attorneys you throw into the pot, the more complications seem to arise.
As to your funding question, the funds are typically wired to the closing attorney by the lender (if one is involved) and are disbursed by the attorney.