Closing Timeline / Checklist

The following timeline is intended to provide a general description and timeframe for selling a home. Please contact your attorney to get a comprehensive description and timeframe. All information herein is deemed accurate but not guaranteed.

Week 1-2

•Once you have an accepted offer, your attorney will receive a purchase memo from us, which will include the key terms of the deal and the buyer/seller information (name and address). The attorney for the seller prepares the contract.

•Your attorney will want the relevant property documents including a survey, the deed and the title report. These documents were most likely given to you when you purchased the property.

•The attorneys negotiate issues relating to oil tanks, radon, termites, closing dates, etc. Once the contract is acceptable to both parties, the purchaser signs the contract and returns it with a down payment (escrow check) for 10% of the purchase price. The seller’s attorney holds the escrow money.
•The buyer arranges for an engineering inspection and certain items may arise such as termites, lead in the water, oil tank issues, etc. The engineering inspection is usually conducted before contracts are signed but not all engineering inspection issues need to be resolved before contract signing (i.e. radon test results, oil tank due diligence).

Week 3-4

The buyer’s attorney orders the title report. By the third week, the title search should be completed. Any issues with chain of title, mortgages and judgments filed in the County Clerks’ office against the property should be uncovered in the title search. The buyer’s attorney and the seller’s attorney will work to resolve any issues.
Call and get estimates for movers. We would be happy to provide you with a list of movers in our area.

Week 5-6

Generally, purchase contracts allow 30 days for the buyer to obtain a mortgage commitment from the bank. If the buyer has not received it by the contract date, the attorneys will review why it has not been obtained. Generally the deadline is extended unless it is evident that mortgage financing cannot be obtained.
Once the mortgage commitment is obtained, items remain to be addressed before the bank will issue the “Clearance to Close,” which enables the bank attorney to schedule a closing. These items usually involve the provision of updated information or other documentation.

Week 7 (Checklist)

Request Pay-off and Freeze Letters – If the seller has one or more mortgages filed against your property (including an open line of credit even if not drawn upon) the debt must be paid off (or frozen) in order to transfer title at closing. You must call all lenders’ customer service offices and request a “pay-off letter” for the projected closing date. If you have an open line of credit, you should request a “freeze letter.” You also need to provide social security numbers and loan account numbers to the customer service representative. All “pay-off” and “freeze letters” should be faxed to your attorney.
Call Your Water and Oil Companies – In preparation for closing, call your water company in order to get a final water reading and bill. This bill must be paid prior to or at closing if you live in Yonkers. In addition, you should call your oil company to get a measurement of oil in your oil tank. Your oil company will give you the approximate value of the oil in the tank; you will be reimbursed for this at closing.
Call Other Service Providers to Cancel Services – You must call all other service providers to cancel or transfer services. Other service providers include phone, gas/electric, lawn care providers, paper delivery, alarm service etc. For useful phone numbers, please go to the telephone directory at www.thestoltzreports.com.

Week 8 (Checklist)

Start moving and cleaning – The standard contract provides that the house will be “broom clean” on the date of the closing. All electrical, plumbing and heating systems, as well as all appliances, should be in working order.
The Buyer will do a final walk through the morning of the closing.
Any remaining issues will be resolved at the closing. The property should be left in broom clean condition.
Attend the closing – Bring a photo ID.