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6. How long before the
closing?
Once the contract is signed and delivered along with the
abstract, copy of your deed and a current real estate tax bill, we
should be ready to close in ten to twelve working days. More often,
the buyer is going for a mortgage and that will set us back a month
to 45 days and the closing will be ten to 12 working days thereafter.
On the average, it takes 45 days as a minimum to close where both
parties have mortgages.
Can it be done more quickly? Yes indeed. If it is a cash deal and
both sides cooperate, a sale can be had in a week. But you should be
willing to pay for express service.
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7. What does an attorney do for a
seller?
My first duty is to protect you and make sure you get what
you have contracted for.
My job is to review the contract, have your abstract updated, review
it for title problems, cure the problems, get discharges of
mortgages, get tax searches from each taxing authority, prepare the
deed, four New York State required forms, one IRS form, calculate
what you are due on the contract, what you have to pay out, schedule
the closing, prepare a statement of sale showing the buyer and the
bank what you deserve. After the opposing parties have prepared their
documents, I have to review them. Particularly the federal disclosure
forms that a bank must prepare by law, which is based on my initial
figures.
That's if all goes well.
If there are title problems I may have to interview witnesses, obtain
written affidavits to clear title questions, research legal issues,
negotiate with opposing attorneys, and in the worst cases sue in our
supreme court to correct the title issues.
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8. Do you have a check list for
your duties?
The following is commonly used in a seller real estate
practice.
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9. What papers does my lawyer need to represent me?
• your abstract of title
• a recent real estate tax bill
• copy of your current deed
• a copy of any survey or map of the property that you can find
• a recent bill from your mortgage company(s)
• a signed authorization allowing my office to get information from your bank [I’ll provide it]
• If you have sold off any property from the original piece, I would like those deeds
• If you have bought any adjoining property that is included in the
sale, I will need your deed for that, and a separate abstract for that
parcel of land.
• a copy of the contract if already signed
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RESIDENTIAL
REAL ESTATE TRANSACTIONS:
CHECKLIST--SELLERS
ATTORNEY
I. Contracts
Prepare contracts and send out
_______________________________________
Contracts received _______________________________________
II. Clients
Appointment to sign contracts
_______________________________________
Contracts signed and sent out
_______________________________________
III. Mortgage & Miscellaneous Information
Current mortgage w/which lending institution
___________________________
Pay-out Letter needed __________ ordered __________
Satisfaction of Mortgage needed __________ ordered __________
Current Tax Bills __________
Existing Deed __________
Existing Survey __________
Existing Title Report or abstract of title review and pass on
_________________________________________________________
Fuel __________ (size tank if applicable) __________ Dealer
__________
Municipal Water--yes __________ no __________
Sewer--yes __________ no __________
IV. Closing
Set for which date, time and place
_________________________________
Confirmation letters sent to: clients __________
other attorney __________
broker __________
Closing adjourned to
___________________________________________________
Reset for which date, time and place
_________________________________
Persons to renotify: clients _________________________________
other attorney _________________________________
broker _________________________________
V. Documents Needed for Closing
Pay-out Letter _____ Satisfaction/Release _____
Deed _____ Closing Statement _____
Capital Gains Affidavit _____ Bill to Clients _____
C/O _____ Mortgage _____
Bldg. Loan Closing Statement _____ Judgments Letter _____
Money in R&H Escrow Acct. _____ Escrow Checks _____
No Other Name Affidavit Fire Alarm Affidavit ____
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