[WSBAPT] New York style closing

[nestor at pplsweb.com]

I practiced in Florida many years and I have also been involved with closings in NY. The term is too vague, although I believe what they are speaking about is table funding and no escrow closing. Basically documents and keys are exchanged for cash at the “closing table”.  Ask them for clarification.

 

Nestor Gorfinkel, Attorney at Law

Licensed in Washington & Florida

Florida Civil-Law (International) Notary

 

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From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Rich McEntee
Sent: Wednesday, February 28, 2018 1:34 PM
To: wsbapt at lists.wsbarppt.com
Subject: [WSBAPT] New York style closing

 

Hello Listmates 

 

I am representing a seller of a WA business and was recently presented with a PSA for the business which includes real property. The buyer is out of state (CA) and has CA and IL attorneys. In the offer, the escrow is to be handled by a national title company’s CA office. A “New York style closing” was specified. I am not entirely certain of the specifics of this type of closing and only have a vague understanding from brief internet research. Can anyone clarify or provide more details as well as tell me why I might want this for a WA transaction? Should we push back? I have worked through a few business closings before but these were handled locally with business escrow closing firms.  

 

Thank you, in advance, for your assistance and advice. 

 

Rich

Rich McEntee

McEntee Law Office

3800 Bridgeport Way W Ste A411

University Place, WA  98466

253.227.9894 <tel:253.227.9894> 

 <mailto:jrmcentee at gmail.com> jrmcentee at gmail.com









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