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If you and your buyer
have both efficiently tak-
en care of your respective
contractual obligations
associated with finalizing
the sale, the process of
completing the transac-
tion – known variously
as the “closing”, “escrow”
or “settlement” – will go
smoothly with no surpris-
es.
FULFILLING CONTIN-
GENCIES AND SPE-
CIAL CONDITIONS
A pending sales agree-
ment nearly always
includes contingencies
and special conditions
that have to be fulfilled
by the buyer and seller by
the closing date, which
usually falls 30 to 60 days
after both parties, signed
the agreement.
CLOSINGTHE
DEAL
Typical contingencies and conditions may
include:
•
The buyer is securing of financing
•
A Title Search – an historical review of all
legal documents relating to ownership of
the property to ensure that there are no
claims against the title of the property
•
The purchasing of Title Insurance in case
the records contain errors or there are
mistakes in the review process
•
A professional ap-
praisal of the home,
requested by the
lender to ensure that
the home’s actual
value justifies the loan
amount
•
Any additional con-
tractual promises you
have made in con-
nection with buyer
incentives, home
improvements, etc.
•
An independent
inspection of the
home’s structural and
functional condition
(foundation, roof,
electrical, heating,
plumbing, etc.)
•
An independent ter-
mite inspection
•
A final walk-through –
the buyer is given the
chance to look at the
home to make sure
that it is in the same
SIGNED,
SEALEDAND
DELIVERED