Pathway to a Successful Real Estate Closing

Buying a home can have many twists and turns before you get to the closing table. Attorney Linda Meyers in Simsbury, CT has provided many examples and information on things to include and do for a pathway to a successful closing. Listing agent and buying agents have lots of ground work to do during a real estate transaction. Make sure you hire a top realtor and ask the right questions.

Provide documents to the attorney who represents your buyer or seller.

• Real estate contract
• Property disclosures
• Inclusion-Exclusion form
• Lead Disclosures
• Mold Disclosure
• Concrete Foundation disclosure (not mandatory in CT)
• Convents & restrictions
• Assessor’s card
• Copy of deed
• Name of lender or broker and contact information
• Name of other attorney and contact information

Legal Names and proper signatures:

Realtors need to get a copy of the assessor cars, Power of attorney,Trust, or Probate Court Appointment.

Make sure it is submitted for Attorney review and written in contract. Attorney review is really important!

Manage Buyers/Sellers Expectations

Never assume that the buyers want your  leftover tiles, paints, compost pile, swing set, shelves, extra doors, pictures on the wall. Some buyers expect wall repairs if you remove shelves and pictures. Preparing your home for sale is of utmost importance. Manage these items before closing.

Attend Pre-closing walk thru:

Relocation properties have a required walk through 72 hours prior to closing. This can be a challenge if the seller is not out of the property. This is now an issue for the attorneys.

Realtors must attend the pre-closing walk thru and alert the buyers attorney of any problems asap.  Make sure the keys, remotes, and any last minute information is available before the close. Remind client of about utility transfers.

Results of Inspections: credits/receipts

Obtain receipts and get them to all parties including the attorney ASAP. Do not wait till closing to do this. You cannot have credits for repairs, only for closing costs and pre-paids. All dollars must be accounted for on the HUD1 and pre-approved by the mortgage lender. No checks at the closing table!

Make sure there is evidence of payment for homeowners insurance.

Extensions:

Making sure extensions for inspections, closing, mortgage commitment etc are done in writing  with a signed agreement, given enough time, and must have contract termination language in place.

Scheduling of Closing:

Even 1-2 days earlier of mid or end of month can make a difference in movers, timing of closing, getting figures earlier to clients, etc.

Discussing with clients, especially out of state, about what a closing date means and doesn’t mean in CT.

Discussing Various Boards/Greater Hartford Association of Realtors contracts and how new construction works, and how they vary. Effects of relocation addendum’s especially as it relates to date of closing and inspection remediation.

Property Disclosure Statement:

Realtors must know who is exempt from filling out the property disclosures and understand “trap” questions like “Does anyone else have the right to use the property”.  Who is exempt? Trustees? Veterans? Elderly? House Flippers? Transfers to Family Members? Deed in lieu of Foreclosure? You can see that selling your own home can be confusing if you are not aware of this. There are many mistakes that first time home buyers make and this and this guide will be very useful when buying a home.

Manage Contract Contingencies:

Realtors stay on top of all the contract contingencies and dates which are of the utmost importance to securing your deposit money.

Challenges of Short Sales or Foreclosures:

Always check the judicial website to see if the property is a short sale or foreclosure before listing it.

Knowledge of Property Management:

Buyers need to know who manages the property and in the case of condo’s what do the HOA fees cover. What is the homeowner responsible for and what is the condo association responsible for.

Real estate agents should read and know what is in the condo docs as well as the attorneys. Realtors should be able to estimate closing costs and conveyance taxes but make sure clients get final number from their mortgage lender and attorney. Find out what your agent really does for you,.

---

Additional Information:

Having a closing checklist will keep you on track to hit your closing on time. Most closings are between 30 to 60 Days from signing an offer. Start on your closing checklist as soon as you get an accepted offer.

Knowing who to notify when you are moving is something many people forget about until they realize it has become a problem. The timing, of course, is critical. Failure to notify necessary parties could become an issue in the not too distant future. Don’t let it become your problem!

Having a good negotiator in your corner always helps both sellers and buyers work effectively through the home sale process and limits the possibility of a home closing failure. Buyers and sellers must also understand their role in the process to help prevent a home sale catastrophe.

Real Estate information was provided by Eileen Anderson, a recognized leader in her field. Eileen can be reached via email at [email protected] or by phone at 860-966-2112. Eileen has helped people move in and out of many Connecticut towns since 2000.

Thinking of selling your home? I love Real Estate, sharing my knowledge and helping people find the home of their dreams!

I service Real Estate sales in the following CT towns: Avon, Bloomfield, Burlington, Barkhamsted, Canton, Colebrook, East Granby, Hartland, New Hartford, North Granby, Farmington, Simsbury, Suffield, Litchfield and West Hartford, CT.

\