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The Closing Checklist
At "fgh" we naturally want your transaction to be as smooth and pleasant as possible. Following the checklist below will go a long way towards accomplishing that goal. We recommend that you review these items with your respective client at the time the Sales Agreement is signed. It will ensure that everyone is clear on their responsibilties and save you and your clients time and anxiety by addressing issues before they arise. The sooner we receive the information, the better we can serve you. Thank you, we look forward to working with you on many successful transactions.
Buyer's Checklist
| · Certified Check |
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Your Sales Agreement provides that the funds you bring to closing must be in the form of a certified check. Please have the check made payable to yourself and at closing it will be endorsed over to "fgh" for deposit and disbursement from our client's account. We will make every effort to provide you with the correct check amount. If for any reason we are unable to do so, then a check made out for the amount indicated on the Good Faith Estimate will be acceptable, with any adjustments by personal check.
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| · Home Owners Insurance |
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Upon selecting an insurance agent, please notify "fgh" of the agent's name, company address and phone number. We will need, prior to closing, a copy of the insurance binder, providing "100% Replacement Cost Guaranteed" coverage. The binder must indicate the name and address of the loss mortgagee and its successors and/or assigns, as well as an acknowledgement of the amount of the first year's premium and that it has been paid by you.
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| · Inspections and Contingencies |
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As provided in the Sales Agreement, please make certain that you have complied with all inspection and contingency time frames. We recommend that you make every effort to inspect the property prior to closing to make certain that everything is in order. If there are any items or issues that need attention, please let us know prior to closing in order that we have the opportunity to help you.
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| · Special Adjustments |
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If the seller or other tenants are going to remain on the property, please let us know prior to closing of any financial arrangements. If the property is heated by oil, and if the seller is to be compensated for oil in the tank, we need to know those amounts in order that they may be added to the Settlement Statement. Likewise, please notify us of any other monetary adjustments between you and the seller in order that they may be reflected on the Settlement Statement.
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Seller's Checklist
| · Smoke Detector Certificate |
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No earlier than 30 days prior to closing, make arrangements with the fire marshal for a smoke detector inspection of your property. Please furnish "fgh" with the Smoke Detector Certificate prior to closing.
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| · Water Reading |
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If town water, please read the water meter and furnish "fgh" with the reading and the name of the water authority. We will submit the reading to the water authority. The reading should be ordered two weeks prior to closing.
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| · Sewer Use · Sewer Assessment · Fire District Taxes |
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Please notify "fgh", upon our initial contact with you which, are applicable and the name of the autority.
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| · Mortgages |
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Please let "fgh" know the name, loan number and phone number for any mortgages, upon our initial contact with you.
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| · Rent / Security Deposit |
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If the property is being conveyed with tenants and there will be rent / security deposit adjustments, please advise us upon initial contact.
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| · Oil Adjustment |
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If your property is heated by oil, please take a reading one week prior to closing and notify "fgh" of the amount.
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| · Certificate of Occupancy |
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Please furnish at or prior to closing. This is for new construction only.
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| · Corporate Seller |
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If you are a corporation please furnish us, prior to closing, a Corporate Vote authorizing the sale, Certificates of Good Standing from the Secretary of State and Division of Taxation.
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| · Partnership Seller |
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If you are a Partnership, please furnish us, prior to closing, a copy of the Partnership Agreement and a Partnership Authorization providing that there have been no changes to the Partnership Agreement and designating a partner or representative to act on behalf of the Partnership.
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| · Seller's Residency Affidavit |
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If the sellers are not Rhode Island residents, they must comply with certain requirements. Please contact "fgh" for further explanation; otherwise, 6% of your net proceeds from the sale may be withheld and remitted to the Division of Taxation as provided by Rhode Island Law.
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| · Powers of Attorney |
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If any seller will not be attending the closing, please let us know now so that we may prepare and have executed a Power of Attorney. If you would rather have your attorney prepare the Power of Attorney, please let us know and make certain that we receive it prior to closing for our approval.
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| · Deed |
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We will prepare the Deed, unless you elect to have your attorney do so. As with the Power of Attorney, if you would rather have your attorney prepare the Deed, we must receive it prior to closing for our approval.
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| · Condominium Resale Certificate |
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Please submit to "fgh", prior to closing, for our review. This is for Condominiums only.
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| · Net Proceeds |
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The custom in Rhode Island is that monies are not disbursed at the closing table. Therefore, at the time of scheduling your closing, please let us know whether you would like to pick up your check at our office, have it mailed to you or wired to your account. If it is to be wired, kindly furnish us with your bank's name, the ABA number and your account number. If it is to be mailed, we will send it by ordinary mail, certified mail or express mail, as you may request.
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