This weekend’s New York Times has an interesting article on residential real estate closings in New York City.
The focus of the article is on disputes that sometimes erupt at closings, but what surprised me was the number of attorneys who are normally present at closings in New York—the buyer and seller have separate attorneys who come to the closing and, apparently, an attorney for each lender involved normally also shows up. And, according to the Times, closings in New York take hours. It is true that homes are especially expensive in New York, but having that number of attorneys siting around at a closing seems a significant waste of attorney time and client money.
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