If you're worried about signing the contract prior to having an attorney review the offer, don't be! In standard realtor contracts, there's a three-day period known as Attorney Review. Once the offer is accepted by both parties and is provided to all involved in the transaction, the review period begins. Our office will discuss the contract with you to determine if you have any questions or concerns about the transaction. The Buyer's attorney will usually send the first letter "disapproving" the contract as written and the review period is open until there is a meeting of the minds. This is standard as they will propose changes to the contract to protect the Buyer. We will make modifications to the contract and their letter to better protect you. Don't worry, our changes are standard practice and will not be a "deal-killer." All correspondence will be discussed with you and a copy is always sent to your Realtor.
Once Attorney Review is concluded, the Buyers will schedule their home inspection with the assistance of the realtors. The Buyer's Attorney will send us a formal letter with the results of the inspection. The Buyers may request repairs to be made. This is all a negotiation and we will discuss all of your options with you. It is at this time that you should contact your municipality to schedule the fire inspection and inspection for the Certificate of Occupancy. Not every municipality requires a Certificate of Occupancy. Your realtor can assist you in obtaining this information. Most of the time, you will need to make sure that any open permits are properly closed. If your property is serviced by well water, it is your responsibility to obtain a well water test.
PREPARING FOR CLOSING
Our office will provide you with a Seller's Information Statement, which will request personal information that will help ensure a smooth transaction. It is important to complete this form accurately and completely. As we get closer to the closing date, you will be able to start scheduling the utilities to be turned off and if you have an oil tank, please schedule a final reading. We always suggest scheduling the utilities to be turned off the day after closing. This is just a courtesy to the Buyers to give them time to switch the utilities into their name. If your property is serviced by public water, please schedule a final reading. Please be careful when scheduling your movers. As the Buyers work towards completing their mortgage requirements, we cannot schedule a firm closing date until the mortgage company advises the Buyers that they are ready to close.
The Buyers will perform their final walk-through. The walk-through is the time when the Buyers review the property one last time to make sure that it is in "broom-clean" condition and that any repairs that were agreed to in the home inspection are completed. The Buyer's attorney will provide our office with the Settlement Statement. The statement is an itemized breakdown of everything that is to be paid in connection with the transaction. Our office will review the statement to make sure it is correct. We will then review the statement with you to make sure that said statement meets your approval. We will then attend the closing to finalize the transaction. As the Seller, you have a choice as to whether or not you would like to attend closing. You have the option of signing the necessary sale documents prior to closing. In that event, we would attend the closing with a Power of Attorney to finalize the transaction.
WHAT HAPPENS AFTER CLOSING?
After closing, you normally don't ever have to worry about the property you just sold! We always suggest that you keep your fully executed settlement statement in a safe place for the next tax season. Dimian & Masterpalo, Attorneys at Law, strive to make your real estate transaction as pleasant and easy as possible. Selling a home shouldn't be hard, and we're here to make it easy.