We are fortunate to have extremely competent people within our law firm who are specifically trained in real estate closing procedures and law for residential sale. These people are extremely qualified to assist in answering your procedural and legal questions.
This step in the closing procedure is the most vital step in assuring the smoothness of the transaction. It is the responsibility of this law firm to either prepare the contract of sale on your behalf or to review the agreement prepared by the realtors. One of the attorneys in this firm will handle these negotiations directly. We shall see that your contract is signed quickly and with the least amount of inconvenience to the parties.
Home Inspections and Termite Inspections
Only AFTER the contracts are fully signed will the buyer order the inspections called for in the contract. If any portion of the inspection is unsatisfactory, we will receive a letter and a copy of the report from the buyer’s attorney within the time allowed for in the contract. The timely scheduling of the inspections is the responsibility of the buyer or their broker. A review of the contents of the inspection is your responsibility and the resolution of any problems revealed in the report is our responsibility.
During the processing of the inspections, arrangements will have been made for the processing of your buyer’s mortgage application through a lending institution if they are obtaining mortgage financing for the house you are selling. Ordinarily, the mortgage loan commitment takes between 30 and 90 days to reach the stage of final written commitment. If we receive information, we will call you.
Smoke Detector Certification & Well Testing
You are responsible to have the town fire official inspect the house for proper installation of fire detectors and the issuance of a certificate. If a Certificate of Continued Occupancy is required by the municipality, you must make arrangements with the Construction Official. You are also responsible have your well water tested if your home is serviced by a private well.
While we will do everything in our power to close on the date set forth in the contract, we do, by necessity, rely on the cooperation and support of other individuals and firms and, therefore, do not have absolute control over the closing date. Please be aware that until the buyer has received a written mortgage commitment, their attorney cannot proceed with the lender’s requests. Also, if you are purchasing another dwelling, most likely your new purchase will be contingent upon the sale of your present dwelling. Also, your buyer may be selling another dwelling and their purchase of your home will be contingent upon their sale. There are many variables in coordinating closings.
Final Walk Through
Immediately prior to closing, arrangements will be made with the broker or owner to make an inspection of the home and note any damage, incomplete items or persons other than the owners living in the home. Be sure to notify our office immediately of these items.
Please contact your utility companies (telephone, electric, cable, etc.) to arrange to have your services terminated as of the expected date of closing and to have the accounts placed in the buyer’s name. You should arrange for a fuel oil or gas reading the day prior to closing and bring a written reading to closing so that you can be reimbursed directly by the buyer.