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27
CLOSINGTHE
DEAL
condition as when the sale
agreement was signed
It’s important to review the sales
agreement with your Realtor so
you understand your obligations.
Any shortfalls or mistakes at this
point can be very costly. Your
Realtor can discuss and remind you
of these obligations, as well as help
arrange for their fulfillment and
prepare you for the closing.
COMPLETING THE TRANSAC-
TION
While different areas handle the
final settlement in slightly different
ways, generally the closing agent –
a third-party professional, often a
lawyer, who conducts the proceed-
ings – reviews the sales agreement
and does the following:
•
Determines the total amount
due from buyer and collects
the check
•
Determines all the adjustments
(e.g. seller prepayment of taxes,
utilities, etc.) and ensures that
they’re factored into the trans-
action
•
Assures that the transaction
costs (closing, legal fees, etc.)
are paid
•
Determines the seller’s pay-
ments, credits and adjusted net
proceeds
•
Witnesses the seller’s signing of
the property title and all other
documentation associated
with the transaction
•
Collects the keys and any other
necessary items from the seller
•
Provides the seller with the net
proceeds as well as copies of
the documentation pertaining
to the sale
•
Ensures that buyer’s title is
properly recorded in the local
records office along with any
mortgage liens
In most cases, the buyer’s Posses-
sion Date will fall within a couple
days of the Closing Date, at which
point your former beloved home
will have a new occupant.