NJ Real Estate Closing Procedures

This program will benefit practitioners looking for a step-by-step breakdown of the roles of the attorneys and other parties in a real estate transaction in getting to the closing table. It will describe the interaction in a way that helps the practitioner identify who does what, as well as typical examples of how the interaction occurs and the form of communication or documentation typically required in standard closing procedures.

The program, presented by Paula Zwiren and Emily Comora, will provide detailed information regarding charges, taxes, and fees shown on closing statements, as well as reference material to assist in reviewing the closing statement as an attorney for a buyer or seller. It will provide information regarding both the most common items on a settlement statement and will also address the nuanced fees and prorations. While the presentation will focus on residential real estate, it will also touch upon common ways that personal property may also be addressed when sold in conjunction with real estate and upon common commercial real estate settlement charges and fee differences from residential real estate.

Learning Objectives:

1. Identify all the fees to be entered onto the settlement statement 

2. Discuss the roles of all parties in preparing for the real estate closing

3. Analyze the differences between residential real estate closings and settlement statements and commercial real estate closings and settlement statements

4. Review both the fees commonly reflected on settlement statements and the fees less often involved

5. Evaluate the various forms of settlement statements used and how to review them