A single statement in place of a federal form - what it contains, and what deliberately sits outside it
New York real estate practice is attorney-driven, and on transactions outside the scope of the federal disclosure rules the closing accounting is frequently summarised on a single statement rather than a Closing Disclosure or HUD-1.
The result is a document organized around the question an attorney actually has to answer at the table - what is each side credited, and what leaves the account - rather than around the federal forms' itemised charge categories.
The statement organizes everything into credits to the seller, credits to the buyer, and disbursements. Each group has its customary named lines plus room for whatever else the file requires.
A line with no equivalent on the federal forms. Where a property is heated by oil, the seller leaves fuel in the tank that the buyer will burn, and is credited for it.
Both inputs come from outside the transaction: the gallons from a tank reading taken at or near closing, the price from the supplier's prevailing rate. It is a small figure on most closings and a conspicuous one in a cold January on a large tank.
Several substantial figures are deliberately not part of this statement, which surprises anyone approaching it expecting a HUD-1's completeness:
These are not omissions. They are calculations with enough structure of their own - tiered rates, different bases, jurisdiction-specific rules - that folding them into a summary statement would obscure rather than clarify them. They are computed where that structure lives and brought in as figures.
The practical consequence is that the closing statement is not a self-contained record of the transaction's economics. Reading it alone will not tell you what the mortgage recording tax was.
A single statement summarising the closing accounting for a New York real estate transaction, used in place of a federal Closing Disclosure or HUD-1 on transactions outside the scope of the federal disclosure rules. It organizes the transaction into credits to the seller, credits to the buyer, and disbursements.
A credit to the seller for heating oil left in the tank at closing, which the buyer will use. It is calculated as the gallons remaining multiplied by the price per gallon, using a tank reading taken at or near closing and the supplier's prevailing rate.
No. Transfer taxes and mortgage recording tax are calculated separately, on their own bases and rates, and are not part of the closing statement itself. Title insurance premiums are likewise handled with the other title charges.
Seller financing - where the seller finances part of the purchase price rather than the buyer obtaining the full amount from an institutional lender. It appears as a credit to the buyer, since it reduces the cash the buyer must produce at closing.
Where the contract deposit has been held in an interest-bearing escrow account, the interest accrued during the contract period has to be accounted for at closing according to what the contract provides.
Prorations, prepaids, recording charges and payoffs are calculated on the matter and flow straight onto the Closing Disclosure, the settlement statements and the disbursement ledger.