Last month, I participated in an exciting continuing education course for brokers at the Real Estate Board of New York (REBNY).  It was set up as three mock closings: one for cooperatives, one for condominiums and lastly, one for townhouses. I played the part of the purchaser in each and several of my industry peers played sellers, attorneys, closing agents and brokers.  It was incredibly fun and funny as we covered many of the issues that can go terribly wrong at a closing, how to prevent them and also how to remedy each problem case by case.

It was such an impactful course that I wanted to share with you the lessons learned.  Beyond the people and basic documents involved in a closing, there are some minutiae you should look out for as it can delay or postpone your ability to close as scheduled.

I will cover the three different closing outlines in a three-part entry over the next few days to help prepare you for the closing table.

PART I: Condominiums

• ACRIS Document: It is pertinent that the purchaser have pre-registered transfer tax documents on ACRIS transfer tax forms for a condo closing.  This is how your purchase is filed with the city.
• Loan Payoff/Line of Credit: The seller’s attorney must order payoff letters for all loans and lines of credit. These letters state that there is a freeze on the loans or lines of credit the day of closing thus giving you the set payoff figures for which your bank checks are cut.
• Wavier of Right of First Refusal/Common Charge Letter: The wavier of right of first refusal must come for the condo board stating the right is waived and they approve the sale – it is the only way to close. The common charge letter states that the CC’s are paid at least up to the closing date.  If they have not been paid and the letter is not up to date, money may need to be left in escrow until the issue is cleared.
• Unpaid Real Estate Taxes: It states in the contract that the taxes must be paid prior to closing.  It is pertinent that you confirm the taxes are paid and there are no penalties prior to closing.  It is the seller’s responsibility to pay them.
• Work Permits: Check with the DOB and make sure there are no open work permits registered to the apartment. Most title companies will not allow a closing unless all permits are closed.

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The Real Estate Board of New York’s annual “Deal of the Year” Awards was held last night, October 25, 2012, at the Metropolitan Pavilion. CORE’s Limor Nesher was honored for her work at 251 East 110th Street where she conducted a unique art tour of the neighborhood to attract potential buyers to her townhouse listing which offered a gallery space. Emily Beare, Shaun Osher, Brittley Jarrell and Adrian Noriega enjoy the evening’s festivities in the photo above.

Last night was the annual REBNY awards for residential deals.

I congratulate the winners!

I’m generally not a fan of awards.

Especially those that are based on non-factual criteria.

It goes with my theme of “top ten lists” .

Regardless of the industry, these have ultimately become more about the event itself, not the actual awards.

The Grammy Awards is the best music show on earth, but year after year there are fewer awards given out at the event, and more acts performing. I like that!

Awards for artistic expression are based on opinion.

And usually, they pick the wrong “winner” (IMHO).

Hollywood does this as well. Less awards – more hoopla!

How about Miss America?

There are very few awards presented now that avoid a gray area. Running 100 meters, and crossing the tape first usually decides the victor – unless the drug test comes back positive for an illegal substance, which then the runner-up is awarded the title.

I’ve always wondered how the person in second place feels about suddenly becoming “Number 1”.

It’s honorable to acknowledge individuals for accomplishments in their respective industries, like The Nobel Peace Prize, but this should be an acknowledgement, and not a first place victory. There are plenty of “runner-ups” who deserve a place at the podium.

A group of us from CORE attended the recent REBNY Deal of the Year Awards ceremony held on a chilly (one could even say frigid) night in Central Park. Being the eve of Halloween, the party planners drew on the holiday as their inspiration for the décor for this elegant, black-tie affair as, apparently, did some of the guests. Happily, the drinks flowed and after the cocktail hour, guests moved into another tent for the dinner, awards ceremony and, most importantly, the dancing.  Celebrity sightings included Pam Liebman, CEO of Corcoran, noted actor and broker, Mark Lynch of CORE and Dolly Lenz, Queen of the Universe. Diane Ramirez, head of Halstead, presided over the awards ceremony in which the details of the first, second and third place deals were recounted. Coincidentally, agents from Halstead won each of the three awards. As soon as the last lamb chop was served, the music climbed a few decibels and a stampede of brokers hit the dance floor to boogie the evening away. After all, how often can one trip the light fantastic in Central Park, in black tie, to boot?