Tools and guidance for a smoother closing.

An AMC manages the appraisal process on behalf of a lender — selecting independent appraisers, performing quality control and ensuring regulatory compliance to deliver a credible valuation.

Title insurance protects against losses arising from defects in title — liens, encumbrances or ownership disputes — that pre-date the policy. Lender's policies are typically required; owner's policies are optional but strongly recommended.

A lender's policy protects the bank or mortgage company for the amount of the loan. An owner's policy protects the buyer for the full purchase price of the property. Both are typically issued simultaneously at a significant discount. The owner's policy remains in force as long as you or your heirs hold an interest in the property.

A Consolidation, Extension and Modification Agreement (CEMA) allows a borrower in New York to consolidate an existing mortgage with a new one, paying mortgage recording tax only on the new money advanced — potentially saving thousands of dollars on a refinance. ESS has significant experience coordinating CEMA transactions and can provide a side-by-side cost comparison.

Most refinance closings complete in 21–30 days; purchase closings vary based on inspections, financing and contingencies. ESS files are routinely closed faster than the market average, with most files opened the same business day.

Yes — RON is available where state law permits, alongside in-person and mobile signing options. Contact our closing department to confirm availability for your transaction.

In New York, mortgage recording tax (MRT) is paid by the borrower when a new mortgage is recorded. Rates vary by location: approximately 1.8–1.925% in NYC and 1.3% on Long Island and Upstate. A CEMA transaction can significantly reduce this cost on a refinance.

Municipal searches typically include a tax search (confirming all property taxes are current), a water and sewer search, a building department search (confirming no open permits), a code enforcement search and a judgment search. The specific searches required vary by county and transaction type.

Yes — co-op closings require specialized handling including UCC searches, recognition agreement review and board approval coordination. Our team has extensive experience with co-op transactions across New York City and Long Island.

Contact us through the form on our Contact page, call (631) 370-1100, or email info@equitysettlement.com. Most files are opened the same business day.