DEPM’s Closing Department is Dedicated to Helping Clients Through the Maze of Buying, Selling and Leasing

By Ian Mayglothling, Director, Closing Department Ian Mayglothling new High

The Douglas Elliman Closing Department is comprised of 14 Transfer Agents, 2 Closing Coordinators, 2 Administrators and 1 Lease Renewal Coordinator. The Department assists applicants and current owners with a variety of transactions such as sales, sublets, transfers of ownership and refinancing requests.

Transfer Agents are the main point of contact and assist applicants and their representatives throughout various transactions.  They offer guidance regarding individual building requirements and policies and how best to meet them. Because communication is key, our agents acknowledge the receipt of a package within 24 hours, and notify the relevant parties of any missing or deficient items no later than 7 business days after receipt.

Once a sale has received Board approval, Douglas Elliman’s Closing Coordinators take over.  Our Closing Coordinators communicate with the parties to schedule all in-house closings, ensure that all necessary documents and materials are in place, personally attend all closings and handle all of the post-closing work necessary to finalize the change of ownership in the building’s records. The support our Closing Coordinators provide to our Transfer Agents is invaluable as it allows our Transfer Agents to focus specifically on assisting our clients to navigate sometimes complex Board approval processes.

Douglas Elliman’s Closing Department is somewhat unique in that we have a dedicated Administrative team that supports the Transfer Agents and Closing Coordinators. The support the Administrative team provides allows other members of the Department to more easily focus on their primary responsibilities without distraction.

Recognizing that lease renewals are a vital part of Property Management, Douglas Elliman has a dedicated Lease Renewal Coordinator whose main function is to track expiring leases, generate lease renewal notices, process lease renewal requests and keep Douglas Elliman’s Property Managers up to date on the status of lease renewals in each managed property.

Douglas Elliman Property Management embraces new technology companywide and the Closing Department is no exception. Over the past few years, we have moved to a secure online platform that allows buyers, sellers, tenants and owners to complete and submit applications electronically and pay any required fees electronically. In addition to eliminating the need to print and deliver hundreds of pages of documents we are easily able to ensure that all fees are collected before a transaction moves forward.

Buyers, sellers, owners, tenants and brokers are able to collaborate remotely and securely from any location to complete and submit applications to the Douglas Elliman Transfer Agents. Client Boards can then review applications digitally from any location with each Board Member having their own unique and secure login credentials.  The platform displays applications in a very clean and user friendly manner that allows for easy navigation through the use of a series of bookmarks.

Douglas Elliman’s Closing Department works diligently to ensure that our clients receive expert service, attention to detail and the benefit of years of experience to handle each transaction properly and efficiently.

We look forward to assisting you.

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Douglas Elliman’s Closing Department works diligently to ensure that our clients receive expert service, attention to detail and the benefit of years of experience to handle each transaction properly and efficiently.