Downstate New York · Purchases & Sales

NY Closing Adjuster

Closing adjustments, worked out step by step. Pick the county and deal type, answer the questions, and the tool prorates every item, shows its arithmetic, and builds the adjustment section of your closing statement. Nothing you type leaves this page.

Set up the deal

These choices drive everything that follows — which cards you'll see next, which tax calendar applies, and how each per-diem is counted.

What this changes
In NY practice the seller's attorney prepares the adjustments and the buyer's attorney verifies them. Prepare mode builds the schedule to send out. Verify mode adds a "Their figure" column on the statement — type in what the seller's attorney proposed next to each line, and any mismatch against the computed number gets flagged, with the net dollar impact on your client.
What this means
The usual New York convention adjusts as of 11:59 p.m. the day before closing — the seller pays for every day up to but not including the closing date, and the buyer owns the closing day itself. Some contracts flip this. Check the adjustment clause in your contract of sale; if it says "adjustments as of the date of closing," the seller typically still pays through the day before.
What this means
Actual days divides each bill by the real number of days in its period (a 31-day month divides by 31). 30-day months treats every month as 30 days — some firms and most title-company adjustment sheets use this for monthly items. The differences are small; what matters is that both attorneys use the same convention. When in doubt, use actual days.

Real estate taxes

Enter what the bills say — the tool works out who credits whom. Every card explains where to find its numbers.

Real estate taxes

auto-detects the period

Enter the bill amount for the period the tool detects. Get it from the actual tax bill or the title report — never estimate.

How NYC taxes work at closing
NYC's tax year runs July 1 – June 30. Properties with an assessed value of $250,000 or less are billed quarterly (due July 1, Oct 1, Jan 1, Apr 1 — each bill covers the quarter that starts on the due date). Higher-assessed properties are billed semi-annually (July 1 and Jan 1). If the seller paid the bill covering the closing date, the seller gets back the buyer's share of that period. If the bill is open, it is usually paid off at closing out of the seller's proceeds and the buyer credits nothing — but if the buyer will pay it after closing, the buyer gets a credit for the seller's days. Watch for exemptions (STAR, veterans, clergy) on the bill: adjust on the net amount actually payable.

Maintenance

The monthly charge billed in advance on the 1st — the most common adjustment of all.

Maintenance

The seller normally pays the month of closing on the 1st, so the seller gets back the days the buyer will own. Get the exact figure from the managing agent's statement — not the listing.

How this adjustment works
Maintenance and common charges are billed monthly, in advance, on the 1st. If the seller paid the month, the seller is out-of-pocket for days the buyer will own the unit, so the buyer credits the seller for the closing day (or the day after, per your convention) through month-end. If the month is unpaid, it flips: the buyer will pay the full month, so the seller credits the buyer for the seller's days. A special assessment billed monthly adjusts the same way — but first check the contract: many riders make assessments the seller's responsibility entirely, in which case leave it out of the proration and handle it as a payoff.

Water, sewer & fuel

The physical-property adjustments — meters, tanks, and liens to clear.

Water & sewer

Best practice in NYC: order a final meter reading from DEP before closing — don't prorate a metered account off an old bill. Prorate only unmetered (frontage) accounts, or when both attorneys agree.
Why water is handled differently
Water is metered, so nobody knows the exact charge through the closing date until a final reading. The clean solutions are a final reading billed to the seller, or an escrow holdback from seller's proceeds sized to cover the last bill plus a cushion. Proration off the prior bill is a fallback. Unpaid water charges become a lien on the property, which is why title companies raise them — clear them at closing.

Fuel oil / propane in the tank

credit seller

The buyer is buying whatever is left in the tank. Have the seller's oil company do a reading a day or two before closing and give you gallons and current price.

How this adjustment works
Simple multiplication, no proration: gallons × current price per gallon, credited to the seller. Use the supplier's current cash price, not what the seller paid months ago. Natural gas and electric are not adjusted — the seller closes their utility account and the buyer opens a new one.

Rents & security

Skip this step if nobody rents any part of the property.

Rents & security deposits

One row per unit or tenant. Rent adjusts only if the seller actually collected the month of closing; deposits transfer to the buyer in full, never prorated.

How rent and deposits work at closing
Rent is paid in advance on the 1st, and the buyer owns the property (and the right to that rent) from the closing day on. So for each unit where the seller collected the month, the seller credits the buyer the buyer's share of that month's rent. If a tenant hasn't paid, there is no adjustment — arrears stay the seller's problem unless the contract assigns them. Security deposits (plus accrued interest, for interest-bearing accounts) are turned over to the buyer as a credit at 100% — GOL §7-103 makes the buyer the trustee of those funds the moment they take title. On commercial deals, also check for prepaid rent, tax/CAM escalations billed in advance, and utility or license deposits — add those as custom lines.

Anything else

One-offs that don't fit the other cards. Skip if there are none.

Anything else

Every deal has one-offs — a village tax in Suffolk, a condo working-capital reimbursement, a service contract, prepaid HOA dues, a seller concession treated as an adjustment. Add them here with a direction and they'll flow into the statement.

Read the statement

Every line you entered, in ledger form. "Credit seller" increases what the buyer brings to closing; "credit buyer" reduces it.

Pick a closing date above and the statement will build itself here.

County tax calendars — quick reference

NYC (all five boroughs)

  • Tax year: July 1 – June 30
  • AV ≤ $250k: quarterly — due Jul 1, Oct 1, Jan 1, Apr 1 (each covers the quarter ahead; 15-day grace)
  • AV > $250k: semi-annual — due Jul 1 & Jan 1
  • Adjust on the net bill after exemptions/abatements

Nassau

  • School tax year: Jul 1 – Jun 30 · 1st half due Oct 1 (to Nov 10), 2nd half due Apr 1 (to May 10)
  • General tax year: Jan 1 – Dec 31 · 1st half due Jan 1 (to Feb 10), 2nd half due Jul 1 (to Aug 10)
  • Villages: separate levy, own calendar — check title report

Suffolk

  • Tax year: Dec 1 – Nov 30, one combined bill
  • 1st half (Dec–May): due by Jan 10 without interest
  • 2nd half (Jun–Nov): payable through May 31
  • Villages bill separately where applicable

This is a worksheet, not legal advice. Always adjust from the actual bills and the title report, confirm conventions against the contract of sale and any riders, and have both attorneys agree the figures before closing. Tax calendars verified September 2026 — due dates occasionally shift by local resolution.