Successfully Closing the Deal
If you and your buyer have both
associated with finalizing the
Typical contingencies and conditions:
• An independent inspection of the home’s
structural and functional conditions
(foundation, roof, electrical, heating,
plumbing, etc.)
sale, the process of completing
• An independent termite inspection
the transaction – known as the
• The buyer’s securing of financing
“closing”, will go smoothly and
• Title Search – a historical review of all
legal documents relating to ownership of
the property to ensure that there are no
claims against the title of the property.
The buyer’s attorney is responsible for
‘ordering title.’
efficiently taken care of your
respective contractual obligations
with no surprises.
Contingencies and special conditions
A pending sales agreement nearly always
includes contingencies and special conditions that have to be fulfilled by the buyer
and seller by the closing date, which usually falls 60 to 90 days after both parties
have signed the agreement.
• A professional appraisal of the home,
requested by the buyer’s lender to
ensure that the home’s actual value
justifies the loan amount
• Any additional contractual promises you
have made in connection with repair
items identified during the inspection
process
• A final walk-through a day or two prior to
closing – the buyer is given the chance
to look at the home to make sure that it’s
in the same condition as when the sale
agreement was signed
• Reviewing the sales agreement with
your attorney so you understand your
obligations. Any shortfalls or mistakes at
this point can be very costly
SELLER’S GUIDE
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Completing the transaction
At the closing, typically both buyer and
seller are present along with their respective attorneys and Realtors®. The lender’s
attorney is also present (assuming the
transaction is being financed) along with a
representative of the title company.
Attorney’s Roles:
• Determine the total amount due from
the buyer and collects the checks
• Determine all the adjustments (e.g. seller
prepayment of taxes, utilities, etc.) and
ensure that they are factored into the
transaction
• Assure that the transaction costs (closing,
legal fees, etc.) are paid
• Determine the seller’s payments, credits
and adjusted net proceeds
• Witness the seller’s signing of the
deed and all other documentation
associated with the transaction
• Collect the keys and any other necessary
items from the seller
• Provide the seller with the net proceeds
as well as copies of the documentation
pertaining to the sale
• Ensure that the buyer’s title is properly
recorded in the local records office along
with any mortgage lien
In most cases, buyers are given possession
at the closing. In some cases a post-closing
possession arrangement is agreed to by all
parties and made part of the contract.
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