What to Expect When Selling a House
The Law Office of Laurieanne DeLitta, PLLC
Attorney, Real Estate Law, Real Estate Attorney
Congratulations on Your Accepted Offer
Here are Some Things to Keep in Mind: The Seller’s Attorney (me) drafts the contract, we will review it together, then it gets sent to the Purchaser’s Attorney. The Purchaser signs first, then sends the contract back to me with a down payment check. After you sign and we send the contract back to the Purchaser’s Attorney, then it is a contract.
What You Will Need to Be Ready to Close
You will have to give the Purchaser clear title at closing, meaning there cannot be any liens, encumbrances or violations on the property. You will have to payoff any and all mortgages and home equity loans with interest through the date of payoff. You will pay the Real Estate Taxes on the property through the date of closing. At closing, we will do adjustments to the purchase price, so that you reimburse the Purchaser for any unpaid taxes you owed for any period you owned the house, and they reimburse you for any taxes you may have paid for any period they will own the house. You will also give the Purchaser a $500.00 credit in lieu of signing a Real Property Condition Disclosure.
You will also need to bring with you valid COs or a letter from your municipality stating the property pre-dates or does not require COs.
You Will Have Fees & Costs at Closing
The Purchaser buys title insurance and pays almost all of the title fees — but at Closing, the Title Company will collect Transfer Tax for the State of New York and, possibly, your municipality, along with fees to record the satisfaction of your mortgage(s), if any, and a fee for the Title Agent to facilitate the payoff. You will also pay your last water bill. Of course, you will also have to pay your broker’s commission and attorney.
- Bring All Keys to the Closing and garage remotes, along with your id.
- Con Edison: You will need to get final readings for oil & water and cancel Con Ed.
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Contact The Law Office of Laurieanne DeLitta, PLLC
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