Home appraisals are necessary along with extensive financial disclosure. When it comes to mortgages in the West, caveat emptor should be the word of the day. By contrast, New York lenders usually have a good handle on co-op buildings and apartment values, making the loan process quicker and easier than in the West. The Final Analysis Despite the easier loan process, a typical New York co-op closing can be long and contentious. The deal is only done when the co-op lawyer passes the signed stock ownership certificate and proprietary lease to the buyer, and the seller hands the buyer the keys to the apartment.
Western closings are somewhat less complicated and far less expensive.
The only persons present are the title company representative and the buyer. The proceeds of the sale being held in escrow by the title company are distributed to the seller and broker, and title papers filed with the appropriate governmental agencies. Buyers pay about 20 percent of the fees and costs charged in a typical New York co-op sale. More buyer protection. And, in many cases, less professionalism.