
Closing The Sale
The end is near, what to do?
As you prepare for closing, here are some things to keep in mind.
Incidental items -
If you want anything
included in the sale that isn't considered part of the physical property of the house, you
must specify it (for example, window treatments, refrigerator)
Date of closing - Make sure the date is
agreed to by all parties. The closing date should not extend beyond the 90-day relocation
period.
Correct purchase price -
Make sure the
purchase price is correct, you don't want to pay more than the agreed upon amount.
Termites - A certification that at the
time of closing, the house is free of termites.
Additional contingencies -
Make sure any
contingencies are clearly states, such as specific repairs, and the time frame in which
they are to be completed. Also the condition of the home after departure or items included
in the sale.
New home - Obtain a warranty from the
builder that covers defects of workmanship or materials in ceilings, doors and frames,
leaks in roof or windows, septic system, foundation, furnace and heating systems, well and
plumbing system, and electrical wiring. You might also consider asking the builder to
establish an escrow account for any work not completed. If so, be sure the escrow account
is sufficient.
Items required at closing table
The following is a guide to what you might need to do prior to closing
- Arrange a pre-closing inspection of the property.
- Obtain a bank check or certified check made payable to the appropriate party.
- Be sure to bring certified bank checks or money orders as personal checks are not
accepted.
- Bring the insurance policy on the property
- Find out if both parties in a joint ownership situation need to be present if the home
is to be a joint ownership.
- Find out if you'll be asked to pay any extras at closing
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