Legal Question in Real Estate Law in New York

Re: House closed....possible problems

I concur with the other authors, particularly if the closing was completed and you received the check for the proceeds. It can take many months for the Deed to be recorded, although it was probably stamped on the date it was received. The tax office cannot change its records until it is notified of a recorded Deed. Should this take place after the next payment is due, the payment should be made by the Buyer or his mortgage company, notifying the Collector of the change of ownership. I do this regulalrly when I know a Deed recording will be delayed. Should you receive notice of non-payment, simply send it to your closing attorney and have him forward it to the Buyer's attorney for payment. Last thought, many times, if a mortgage is taken by the Buyer, and a next tax payment is near, moneys are advanced to the mortgage company or held in escrow, for timely payment of the next bill. If the payment date has taken place, simply call the Collector and verify receipt. Usually both mortgage companies and escrow holders will make the required payment in advance of its due date, so the Collector can check if the payment has been made.

Re: House closed....possible problems

There is nothing amiss. In NYCit takes atleast 4-5 months to have the Registrar record deeds, Send the bill to your attorney and have him send it to the buyer's attorney.

Good Luck

RRG

Re: House closed....possible problems

The buyer is responsible for the taxes after the closing. If there was a new mortgage taken out by the buyer, the bank will probably escrow for and pay the taxes anyway.

In any event, unless the buyer assumed your existing mortgage, you are off the hook for any deficiency judgment if there were a foreclosure.