Please Review This Information If You Are Selling Your Property

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You, visiting this site, has probably been prompted by the fact that you are selling your home, and you are considering using our firm, or have retained our firm for the closing. There are some matters that we must address in order to expedite the transaction, and prevent delays or extra costs to you. They will allow the transaction to proceed smoothly from start to finish. They are listed below.

Please also remember that you must bring a valid driver's license or passport with you to closing for proper identification. The closing cannot take place, if you do not have this identification with you.

In order to ensure a smooth closing, we would like to review the following information, and we would appreciate you completing the fill-in form on this site. if you have not already provided this information to our office.

MORTGAGES: If your property is presently mortgaged, the mortgage(s) will be paid off at the time of closing, using proceeds from the sale, if any. Please provide information regarding the bank holding your mortgage, as well as any equity mortgages that may be on your property, in the fill-in form on this site.  We need this information so that we may contact the banks, and make the necessary arrangements for payment. This is very important, and requires your immediate attention. After your mortgages have been paid in full, the banks will send us releases, which we will record at the appropriate Town Land Records.

In the event there is a non-institutional mortgage (i.e. one given to a private individual, trust or corporation as opposed to a bank or loan company), we will require that the payoff amount be furnished to us before the closing, and a discharge be delivered at or before the closing. UNFORTUNATELY, THERE CAN BE NO EXCEPTION IN THIS REGARD. If you are uncertain about whether an outstanding loan is held by a private lender, please contact our office.

DEED: The preparation of a new deed to convey the premises to the buyer is your responsibility. Our office will be responsible for this task. If you have a copy of your deed to the property, please forward a copy to our office.

ELECTRICITY, WATER, SEWER, FUEL: Fuel oil readings, if your property is serviced by oil, should also be brought to closing so that appropriate adjustments can be made. You should also work with your real estate agent, or our office to order final readings of water, and if applicable, electricity.

EXPENSES: You will also be required to pay any applicable Conveyance Taxes, recording fees to discharge mortgages, and other liens from the proceeds of the sale, assuming there is sufficient sale proceeds to do so. In the event additional funds are needed beyond sale proceeds, they must be presented at closing in the form of a bank or certified check.

POWER OF ATTORNEY: If you wish to close by power of attorney, please send our office a copy of the power of attorney document, prior to the closing, or contact your closing coordinator for the preparation of one. An additional fee will be charged at closing for this service. The use of, and form of the power of attorney, will have to be approved by the Buyers’ counsel.

CONDOMINIUM UNITS: If the transaction involves a condominium unit, the seller is required to provide a certificate that states any unpaid common expenses which have been assessed to the unit owner. You will also be required to provide a Certificate of Insurance, naming, as insureds, the buyer and their lender, and its successors, and assigns, as their interest may appear.

SALE PROCEEDS: The closing will usually take place in the office of the Buyers’ attorney. Your funds will not be released to you until the deed and mortgage have been recorded at the appropriate Town Land Records. Your proceeds will be issued to you by a check drawn on the client’s fund account of the Buyers’ attorney.

FEDERAL TAX LAWS: Since January 1, 1986 Federal Law requires the closing attorney to report the proceeds of the transaction to the Internal Revenue Service under certain circumstances. This reporting will be necessary, in the event you have sold another property that was your residence in the last two (2) years, have not resided in the property for two (2) of the last five (5) years, used the property for investment or income purposes, or if the sale proceeds are in excess of $250,000.00 for a single person, or $500,000.00 for a married couple. If a report is necessary, you will need to consult a tax advisor for treatment of this transaction on your income tax return.

 

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