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.