Once the terms of the Contract of Sale are agreed upon, the balance of the deposit is paid. The deposit should be held in escrow by the seller’s attorney and it is released at the time of closing.

At this point, the buyer starts looking for a mortgage loan and calls in a home inspector to inspect the house. The dates by which these activities must be done is set forth in the Contract of Sale. A thorough inspection enables the buyer to ensure that the condition of the property can be ascertained and any defects or deficiencies can be appropriately identified and addressed. After the inspections are completed, both the buyer and seller must explore the options available to them. Depending upon the magnitude of any defects in the house, the buyer may elect to terminate the transaction, may seek a credit from the seller to enable the buyer to perform the repairs or may propose that the seller perform the repairs prior to the closing. In response, the seller may offer a credit to the buyer, may agree to perform some or all of the repairs identified by the buyer, or may indicate that it will not do anything. The negotiation of these issues is completed through the attorneys. To protect the client’s interests, the negotiations must be tailored to accomplish the client’s particular goals in the transaction. Your real estate attorney knows how to best protect her clients’ interests. She is familiar with current trends and has readily available the most current laws and regulations which govern real estate transactions and land use.

The terms of the mortgage commitment should be carefully reviewed by your lawyer to ensure they satisfy the provisions of the Contract of Sale. Once the mortgage commitment is obtained, the date, place and time for the closing is agreed upon by the parties.

The seller typically signs all of the documents before the closing and may not be not present at the closing. At the closing, the buyer and seller must be assured that all of the obligations described in the Contract of Sale have been fulfilled. In addition, items such as real estate taxes must be adjusted between the buyer and the seller. The buyer’s counsel typically acts as the settlement agent and prepares the HUD-1 settlement statement which itemizes the closing costs, the payoff of the existing mortgage, the expenses of the seller and buyer, and the adjustments between them. The buyer’s attorney also supervises the signing of the new mortgage documents. The seller’s attorney delivers a Deed and Affidavit of Title to the buyer’s attorney. The Deed and new mortgage must be recorded by the buyer’s attorney at the County Clerk’s Office after the closing. When the seller’s and buyer’s attorneys agree that all of the conditions of the Contract of Sale have been met, including repairs and clear title, the realtor delivers the keys to the property to the buyer and the buyer’s attorney distributes the checks to the seller, the realtors, the seller’s mortgage lender and any other payments that must be made at the closing. At that point, the closing has been completed.

The purchase of a home is usually the single most important investment that a person makes. By retaining an experienced real estate attorney at the beginning of the process, the buyer or seller can minimize the chance for any error and ensure a smooth and orderly transfer.

Robin M. Gronsky has been practicing law since 1982. She is admitted to practice in New York, New Jersey and Florida.

As a former general counsel of a national mortgage lender, Ms. Gronsky is experienced in corporate matters, mortgage licensing on a nationwide basis, and all facets of residential real estate transactions.

Ms. Gronsky’s practice is geared to maintain personal contact with her clients and develop a close-working professional relationship over a long period of time. This helps assure that her clients’ work will be performed by the lawyer they have chosen.

Ms. Gronsky received her J.D. from the Boston University School of Law.

These are my 10 ten ideas for sellers to get their homes in top condition for a quick sale.

1. Make the Front Entrance SPARKLE!.

You need to make a great first impression! A coat of paint and a new brass kick plate or doorknocker says “welcome home”. Remove any personalized doorknockers or signs from the front of the home. Remember to trim bushes and shrubs and keep walkways clear. A blooming plant or festive wreath is a nice touch.

2. Organize the Kitchen.

Kitchens sell homesmake yours appear more large and inviting! Clean off counters and organize cupboards and drawers. Store or pack seldom used appliances and large pans. Consider replacing the counter if it is worn or has an unusual color. Repair or replace leaky kitchen faucets and dated florescent light fixtures.

3. Reduce Clutter Inside and Out.

Sort out E-V-E-R-Y-T-H-I-N-G! Throw away anything you do not need and organize the rest. Too much stuff? Consider an off-site storage facility during the move. Donate unwanted items to a local charity. Campers, boats and old cars should be parked at a different location.

4. Clean.

Your home should be spotless and smell clean too! Remember to give attention to the yard and garage too. Buyers want to see the size of your garage not where you dumped all the stuff from the house. If you have a dog, make certain that the yard has been picked up before every showing and it is completely free of debris.

5. Paint.

Light neutral colors make small rooms appear larger. That cute personalization you painstakingly painted on your child’s wall is a paint-over project to a new buyer. Do them a favor and paint over before the first showing. Remove dated wallpaper and borders and paint walls. Use premium quality paint and remember to patch holes properly and tape woodwork prior to starting. A sloppy paint job can be more detrimental to your bottom line than no paint job at all.

6. Update Bath.

If cleaning and painting cannot help a dingy bath, consider replacing vanity, counter and sink. Look at the faucets and light fixtures. If they are vintage, consider replacing. Also consider installing new flooring or buy nice plush floor mats to make the bathroom cozy. If the tub is nasty and stained, look into having it resurfaced.

7. Make Minor Repairs.

Tighten knobs, fix leaky faucets, oil squeaking hinges, replace dirty filters, repair cracked windows and holes in screens. If it can be fixed, fix it! Buyers do not pay top dollar for a “project house”.

8. Fix Roof Leaks.

One tiny water stain on the ceiling will cause a buyer to question the entire roof. Find and fix the leak at the source. This may be the time to call in an expert. Repair any ceiling damage. Disclose any information on repairs made to potential buyers.

9. Explain a Wet Basement.

Do what you can to make repairs but be prepared to explain all existing and repaired problems to the potential buyers. Never try to cover signs of a wet basement.

10. Exterminate.

Call a professional to get rid of the pests, repair any damage, and allow time for any pesticide smells to dissipate before showing. One bug, dead or alive, can make a bad impression on a buyer. If you have periodic mice, remove the traps and bait before showings. Again, disclose any pest infestations to potential buyers before the sale.

Copyright 2006 Teri Eckholm.

ABOUT THE AUTHOR

Teri Eckholm, Realtor
Keller Williams Premier Realty
http://www.terieckholm.com

Teri Eckholm is a native Minnesotan with nearly 20 years of sales and marketing experience. She grew up in a St. Paul suburb and working as a Realtor, she has serviced residents of the Twin Cities metro area for over five years. Teri has assisted hundreds of clients move from across town, across Minnesota and across the United States.

In my experience of inspecting homes in Charlotte, NC I have come across some common environmental hazards you should be aware of. Some of these hazards are asbestos, carbon monoxide, lead, radon, carbon monoxide, and groundwater contamination. In this article I hope to identify the basic environmental hazards and to describe the warning signs, characteristics, causes and solutions of the various environment hazards most commonly found in the real estate transaction.

Asbestos is a mineral that was once used as insulation because it was resistant to fire and contained heat effectively. Asbestos was used in residential buildings up until it was banned in 1978. In my inspections I usually found asbestos in older homes on heat ducts at the joints. It’s usually that white wrap on the joints of metal ducts. Asbestos can be found covering pipes, ducts, and heating and hot water units. Its fire resistant properties made it a popular material for floor tile, exterior siding and roofing products. Today we know that breathing asbestos fibers may result in a variety of respiratory diseases. Just the presence of asbestos is not necessarily a heath hazard. Asbestos is only harmful when it is disturbed or exposed causing it to become airborne. This often happens during renovation. Asbestos is highly friable. As it ages it breaks down easily into tiny fragment and particles. When these particles become airborne, they pose a risk to humans. Asbestos is costly to remove because the process requires state licensed technicians and specially sealed environments. Removal itself may be dangerous. Improper removal may further contaminate the air within the structure. The waste generated should be disposed of at a licensed facility. This further adds to the cost of removal. An alternate method of control that may be preferable is encapsulation. Encapsulation is the sealing off disintegrating asbestos. More information on asbestos-related issues is available from the EPA (telephone: 1-202-554-1404). The EPA has numerous publications that provide information on asbestos.

Lead-based paint was used on houses built prior to 1978. Lead-based paint may be on any interior or exterior surface. It is particularly common on doors, windows and other woodwork. About 75% of all private houses built before 1978 have lead present. That is approximately 57 million homes. Crawling babies can ingest lead dust from the hands. It can also be ingested in water from lead pipes or lead solder. Elevated levels of lead in the blood can cause serious damage to the brain, kidneys, nervous system and red blood cells. The degree of harm is related to the amount of exposure and the age at which the person was exposed. Presently, there is no federal law that requires homeowners to check for the presence of lead-based paint. Lead-based paint hazards must be disclosed however. In 1996 the EPA and the Department of Housing and Urban Development issued regulations requiring disclosure of the presence of any known lead-based paint hazards to potential buyers or renters. A lead based paint disclosure statement must be attached to all sales contracts and leases regarding residential properties built before 1978. Buyers or renters must be given ten days in which to conduct risk assessments or inspections for lead-based paint hazards. Buyers are not bound by any real estate contract until the ten-day period has expired. Real estate agents are to ensure that all parties comply with the law. For more information and pamphlets on lead-based hazards, call The National Lead Information Center, 1-800-424-5323

Radon is a radio active gas produced by the natural decay of radioactive substances. Some areas are known to have more significant amounts than others. Radon is found in every state. The highest concentrations can be found in the plains states, the upper Midwest and Northeastern United States. In the open air, radon usually dissipates into the atmosphere and is not likely to cause harm. When radon enters buildings and is trapped in high concentrations, it causes health problems. This usually happens in basements with poor ventilation. Radon is odorless and tasteless. It is impossible to detect without testing. Radon levels are relatively easy to reduce by installing ventilation systems or exhaust fans. The modern practice of creating energy-efficient homes and buildings with practically airtight walls and windows may increase the potential for radon gas accumulation. Heating and ventilation systems can spread radon gas throughout the house once it has accumulated. Radon has been proven to cause lung cancer. Individuals who smoke and spend considerable time indoors are particularly at risk. The EPA has a pamphlet ” A Citizen’s guide to Radon” It is available online or at your local EPA office.

Another colorless and odorless gas that poses health risks is carbon monoxide. Carbon monoxide is a by-product of a fossil fuel burning appliance or heating system. It also can come from a car exhaust. A few years ago in Charlotte, four people were killed when someone left their car running in a townhouse garage. The garages were under the units. Apparently someone pulled in their garage and forget to turn their car off. It killed four people. After that Charlotte made it a law to have a carbon monoxide detector if you have any gas-burning appliance. When these appliances are ventilated properly there is not a problem. When improper ventilation or equipment malfunctions and permits large quantities of CO to be released into the structure, it poses a significant health hazard. Its effect is compounded by the fact that CO is so hard to detect. CO is quickly absorbed by the body inhibiting the blood’s ability to transport oxygen. This causes dizziness and nausea. More than 200 deaths occur from CO poisoning each year. Carbon monoxide detectors are available and their use is mandatory in some areas.

Groundwater contamination is a problem in some areas. Groundwater is the water that exists below the earth’s surface. Any groundwater contamination can threaten the supply of pure, clean water for private wells or public water systems. If the water gets contaminated, the earth’s natural filtering may not be adequate to ensure the availability of pure water. The groundwater can be contaminated in several ways. There is runoff from waste disposal sites, leaking underground storage tanks and pesticide and herbicides are usually some of the sources.

There are several hazards one should consider and test for in their own homes or one they are considering buying. Some of these hazards include but are not limited to radon, asbestos, lead based paint, carbon monoxide, and groundwater contamination. The costs of testing for these hazards are relatively small. The cost is especially small when compared to the cost of the presence of an environment hazard that you don’t know exists.

For more information about environmental hazards around your house, please contact Preston Sandlin at www.homeinspectioncarolina.com.

Preston Sandlin is a home inspector and real estate investor in Charlotte NC. He has been performing home inspections and buying real estate in Charlotte NC for over 11 years. He is a member of the North Carolina Home Inspector’s Association, the Charlotte Regional Realtors Association, and the BBB.