SELLING YOUR HOME

Providing your attorney with as much information as you have as soon as possible can save you both time and money.  Your Owner’s Policy and Deed contain information that your attorney will need. An existing survey, regardless of how recent, is a plus. 

- Property Disclosure -

If you own a single family home you must sign a Residential Real Property Disclosure Report which informs the buyer of any known defects to the property.  Failure to disclose known problems can lead to claims for damages against you after the closing.

- Your Current Mortgage -

Before you can transfer the title of your home you must pay any mortgages against the property.  Inform your attorney of any mortgage company that you may use, including their address and telephone number.  Be sure to give your loan account numbers to your attorney as well.

- Property Inspection -

The buyer has the right, according to the contract, to inspect the property prior to final acceptance of the contract.  The buyers will also have a final inspection of the home before closing.  You should be sure to keep your house in the same condition it was in at the time of the original inspection to avoid any problems at closing.  Normal day to day wear and tear is to be expected.

- Buyer Possession -

The buyer should be given possession of the home at the time of closing if possible.  The parties can agree to extend the possession date past the date of closing, but then the new owner should make sure to charge an appropriate prorated amount based upon monthly mortgage payments.  To avoid possible conflicts such as damage to property or holdover tenants possession should be given at time of closing.

- Closing Figures -

Your attorney should provide you with exact closing figures before your closing.  These figures are usually available 48 hours prior to closing but may not be available until the day of closing.

- Insurance & Utilities -

Many people cancel their utilities as soon as they sign a contract to sell their home.  A seller should wait until their attorney has confirmed that a closing is scheduled and that all documents are in place before they cancel any utilities to the property.  The seller should also wait until after possession has been delivered to cancel their homeowner’s insurance.  Be sure to give a forwarding address for all utilities, bills, and mail.