What is "post com advance?" (NYC foreclosure)

Question

Hey all,

The closing on a house I'm pending on just got adjourned, and I don't understand why. The email from the bank's lawyers states:

"As requested by Mr. Wank [the referee] we need to obtain proof of post com advance made by our client. As such closing cannot occur tomorrow and has to be adjourned."

What does this mean?

Susan Smith · Answer

I've heard of post closing advances and corp advances but post "com" has me and my peers here at the bank stumped.  Here at the bank we don't always know what our attorney or paralegal is attempting to convey when they throw an abbreviation like "com" on the table.  So, we just refer back to the attorney and ask: "what's post com advance mean?"

The paralegals are usually friendly and willing to clarify.

Account Closed · Answer

And why is this a conversation between the referee and the bank's lawyers? Shouldn't mine be involved?

Account Closed · Answer

Susan, thank you (and your co-workers)!

The firm's paralegal said that the phrase stood for "post computation," referring to computation of the transfer tax and title charges. From the way she explained it, it sounds like the same thing as a "post closing advance."

Researching post closing advances leads me into a rabbit hole of questions, however. I found this post (http://www.law360.com/articles/823771/tips-for-avo...) which explains post-closing true-ups for assets and liabilities in business acquisitions, but I can't find an article that explains it in terms of real estate.

If real estate post-closings work the same way, then what are the assets and liabilities in real estate that require adjustments?

Susan Smith · Answer

Let us know what you find out, please.