Thinking about selling your home? Here are some things to keep in mind:
The All-Important Contract
Once the buyer and seller have agreed on price and material terms of the transaction, the seller’s attorney will usually draft the contract of sale. Any changes are negotiated with the buyer’s attorney and the final contract is signed by the parties. Along with the signed contract, the buyer will place a contract deposit on the purchase which is usually held in escrow by the seller’s attorney.
It us helpful at this time if you can supply us with all or any of the following: copy of the Deed, Survey and Title Insurance Policy from when you bought the house. Our office will then forward these documents to the buyer’s attorney.
Contracts will almost always contain a termite inspection clause. If the termite inspection reveals termite and or wood-boring infestation or damage it is the sellers responsibility to repair or to declare the contract null and void (if the contract gives this option). You are not required to use the buyer’s company to make repairs. You can use the company of your choice.
Advise us if you have a mortgage on your home. If you do, please give us the name of the bank or mortgage company, the address and account number. We will need this to obtain a pay-off statement for the closing.
Closing dates on the contract are not mandatory dates. They are approximations of when the closing will take place. Very often, the closing will take place shortly afterwards or, if both parties agree, shortly before.
If you have an oil tank, you must have the oil company come and measure the tank and give you a written statement as to what is left in the tank. Without this written statement, you will not be able to get a credit at the closing from the buyers.
Call for a water meter reading (if applicable) so that you can get a final bill from the town. Try to pay the final bill and bring a receipted bill to the closing. Have any other meters read prior to closing. Contact all utility companies to advise them to switch the service into the buyer’s names.
Contact your insurance broker to cancel your Homeowners policy after the closing, since you may be entitled to a refund of part of your premium.
Be Smart. Get the Facts. Know the Law.