At fghLAW.com 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.
Buyer’s Checklist
· Certified Check
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 your attorney for deposit and disbursement from their client’s account.
· Home Owners Insurance
Upon selecting an insurance agent, please notify your attorney of the agent’s name, company address and phone number. In most cases they cannot begin to prepare your file for closing or order your closing package from your lender without your Home Owners yearly insurance premium amount. This amount is used to calculate your escrows and must appear on the closing documents. 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 acknowledgment of the amount of the first year’s premium and that it has been paid by you.
· Inspections and Contingencies
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.
· Special Adjustments
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.
Seller’s Checklist
· Smoke Detector Certificate
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. These arrangements are sometimes made by the listing agent, however the cost and responsibility rests with the seller. State law provides that you cannot sell your property unless it passes inspection.
· Water Reading
If town water, please read the water meter and furnish your attorney with the reading and the name of the water authority. They will submit the reading to the water authority. The water authority needs two weeks lead time in order to furnish the information.
· Sewer Use · Sewer Assessment · Fire District Taxes
Please notify your attorney , upon our initial contact with you, whether or not you have any of the above assessments and the name of the authority.
· Mortgages
Please let your attorney know the name, loan number and phone number for any mortgages you may have on the property, upon our initial contact with you.
· Rent / Security Deposit
If the property is being conveyed with tenants and there will be rent / security deposit adjustments, please advise us upon initial contact of those amounts to be transferred to the buyer and have the monies available for closing day.
· Oil Adjustment
If your property is heated by oil, please take a reading one week prior to closing and notify your attorney of the amount.
· Certificate of Occupancy
Please furnish at or prior to closing. This is for new construction only.
· Corporate Seller
If you are a corporation please furnish us with, prior to closing, a Corporate Vote authorizing the sale and Certificates of Good Standing from the Secretary of State and Division of Taxation.
· Partnership Seller
If you are a Partnership, please furnish us, prior to closing, with 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.
· Trust Seller
If title is held in the name of a Trust, please furnish us, prior to closing, with a copy of the Trust Agreement and a recent and original Memorandum of Trust providing that the Trust is in full force and effect, there have been no changes and the Trustee is authorized to convey the property.
· Powers of Attorney
If any seller will not be attending the closing, please let your attorney know now so that they may prepare and have executed a Power of Attorney.
· Deed
Your attorney will prepare the Deed, unless you elect to have another attorney do so. As with the Power of Attorney, if you would rather have your attorney prepare the Deed, they must receive it prior to closing for our approval.
· Condominium Resale Certificate
Please submit to your attorney , prior to closing, for our review. This is for Condominiums only.
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