Buying or selling real estate in New York involves a highly structured process with significant financial and legal implications. One key figure who helps keep this process on track is the escrow attorney. In New York, escrow is a critical component of closing, ensuring that funds and documents are securely handled until all conditions of the sale are met. At the Law Offices of Benjamin B. Neschis, P.C., we can provide legal assistance to the New York City public throughout the escrow and closing process.

What Is an Escrow Attorney?

An escrow attorney serves as a neutral third party responsible for managing the financial and legal elements of a real estate transaction. This includes holding earnest money deposits, safeguarding closing documents, and ensuring that all obligations are satisfied before the property officially changes hands.

Because New York real estate transactions involve strict timelines and extensive paperwork, having an attorney oversee escrow reduces the risk of costly delays or disputes.

Managing Funds Safely and Transparently

One of the most important roles of an escrow attorney is handling funds. This includes:

• Receiving the buyer’s deposit and keeping it secure.
• Holding mortgage proceeds received from the lender.
• Distributing funds to the appropriate parties once all conditions are met.
• Ensuring all payments comply with New York’s real estate and banking laws.

This safeguards both parties, preventing premature fund releases or improper transfers.

Protecting Both Buyers and Sellers

The escrow attorney ensures that neither party is left vulnerable. This means verifying that:

• The seller provides clear title.
• All contract contingencies—such as inspections, financing, or repairs—are met.
• Closing documents are accurate and complete.
• Funds transfer only after all obligations are satisfied.

This neutral protection helps build trust and keeps the transaction fair.

Coordinating the Closing Process

Real estate closings require coordination between attorneys, real estate agents, lenders, title companies, and buyers and sellers. The escrow attorney helps manage this process by:

• Reviewing and preparing closing documents.
• Confirming the accuracy of financial statements and settlement figures.
• Communicating with all parties to ensure deadlines are met.
• Facilitating the final transfer of funds and property ownership.

Their involvement ensures that closing is seamless and compliant with New York law.

Ensuring Legal Compliance and Minimizing Risk

New York has specific requirements for escrow accounts, fund transfers, and closing procedures. An experienced escrow attorney helps prevent legal issues by:

• Ensuring regulatory compliance.
• Checking for lien or title problems.
• Ensuring proper documentation for property taxes and transfer fees.
• Addressing last-minute disputes or unexpected issues.

This reduces the likelihood of delays, financial loss, or legal complications.

Why Work With the Law Offices of Benjamin B. Neschis, P.C.?

Real estate transactions in New York can be stressful and fast-moving. Our team helps clients navigate the escrow process with confidence and clarity. At the Law Offices of Benjamin B. Neschis, P.C., we can provide legal assistance to the New York City public by ensuring that every stage of closing is handled properly, efficiently, and securely.