Attorney
Have your realtor fax the signed Contract to your attorney immediately. It is also important to call your attorney to retain them and provide details regarding your transaction. The Attorney Review period expires 3 business days (not including weekends or holidays) after the Realtor Contracts have been signed, during which time, changes can be made to the Contract. After both parties sign off on the changes, Attorney Review ends and the Contract is finalized.
Deposit Monies
The selling realtor typically collects the initial deposit upon the signing of the Contract. Our office then requests that this be forwarded to us upon completion of attorney review and we hold it in our Attorney Trust Account, along with the second deposit, if required by the Contract.
Seller's Responsibilities
You will need to make your home accessible for the Buyer to have the Inspection and Appraisal done.
You are also responsible to obtain a Smoke Detector Certificate and Carbon Monoxide Certificate and proof of one fire extinguisher as required for sellers per your municipality. You can contact your municipality or your realtor for assistance regarding the requirements specific for your town, since many towns also require a Certificate of Occupancy. Make sure you call at least 3-4 weeks before your closing and have the required number of working smoke detectors and a carbon monoxide detector before your scheduled inspection. It is imperative that you obtain these certificates, as you cannot close on your home without them.
It is helpful if you provide our office a copy of your title policy and survey. This helps speed up the Title process and if your survey is recent, may help the Buyer avoid the expense of a new survey. The Buyer may ask that you sign an Affidavit of No Change to the property to be submitted with the old survey to his or her Lender.
As it gets closer to the closing, it is also your responsibility to order a final water reading, oil tank dipping (if applicable) and have your Gas and Cable companies switched to the buyer's name as of the date of closing.
Other expenses which you have paid through a date beyond the closing, such as taxes and sewer, will be pro-rated to you at closing. If you are not current on your taxes and sewer charges, these will be adjusted at closing.
Closing
If it is not convenient for you to attend, since you may be busy moving, you can come to our office at an earlier date to sign the necessary documents so that one of our attorneys can appear on your behalf at the closing.
You will need to move out before the closing and the home must be broom-swept clean and emptied of all your possessions. If you need to stay in the home for any days beyond the closing, our office can help you with a Use and Occupancy Agreement, if the Buyer is willing.
Mortgage Payment
Iif your closing is scheduled prior to the 10th of the month you do not have to pay that month's mortgage payment.. If your closing is scheduled after the 10th of the month, we recommend you pay your mortgage that month to avoid the assessment of a late fee.
Home Equity Line of Credit
Your obligation is to pay off any liens against your home, including your line of credit, at or before closing, in order to provide the buyer clear title. You should not make any new draws against this line of credit once you signed your Contract of Sale. However, if you are using your HELOC towards the purchase price of a new home, it is important that you discuss this with our office.
Cancellation of Homeowner's Insurance
You can do this after the closing takes place. You will be rebated by your insurance company back to the date of the sale of your home.
