Is there anything I need to be thinking about after closing?

Updated March 13, 2023.

There are many different things that should be considered after a closing. Some of these are:

  1. If any money has been held in escrow at closing to insure payment of an expense or performance of an obligation, it is important to make certain that these monies are properly dispersed following closing, in accordance with the escrow agreement.
  2. The purchase or sale of a house often creates various tax obligations and/or planning opportunities, which should not be overlooked.
  3. Buyers should register for the STAR program for reducing property taxes and should be aware of the various expenses related to home ownership that can be deducted on income tax returns. Registration for the STAR program is now done entirely online, and you can register here: https://www.tax.ny.gov/pit/property/star/default.htm.
  4. Both buyers and sellers should be mindful of their record keeping with respect to improvements to the property, which may reduce potential capital gains taxes.
  5. It is also a good time to evaluate your various insurance needs to determine if you are properly and adequately protected.
  6. The purchase or sale of a house often marks a change or transition in one’s life. At such times, it is often appropriate to make certain that your plans for the future and the future of your family have been adequately taken into account. Specifically, it is a good time to prepare and/or review your Will, Power of Attorney, Health Care Proxy, Stand-By Guardianship Appointment and other life and estate planning documents.

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