Towne's 42 Tips to a NJ Real Estate Closing

Upon your acceptance of a contract of sale, TRG will continue working to ensure your agreement remains intact and closing occurs on time. Remember the closing date in the contract is a target and can be changed.

1. TRG will deliver/confirm receipt of fully executed contracts to seller and purchaser (attorney review commences upon delivery and usually lasts 3 business days).
2. TRG wil inform you of any other inquiries or offers that may come in during attorney review. Keep names of all who show interest to keep as a back up.
3. TRG will deliver or fax contracts to respective attorneys, call and confirm receipts. Provide the name of other attorney or title company.
4. TRG will fax copies of brochures and signed seller disclosures to attorneys. Discuss all specific negotiation issues as in ‘as is’ issues, important dates or terms and back-up offers.
5. TRG will confirm deposit of initial escrow money. Report pending sale to Garden State MLS.
6. TRG will verify with attorney secretaries or paralegal your name, address and telephone/fax numbers to confirm your “link” in communication.
7. TRG Stays in touch with your attorney to review changes and completed addendum’s in order to reach agreement as quickly as possible.
8. TRG will obtain statements of bank or asset accounts to confirm existence (if necessary) for cash deals. Verify pre-qualification or pre-approval letter with mortgage company. Make sure that lender states buyer is not depending on the sale of any real estate.
9. TRG Informs seller of significant events as they occur.
10. TRG confirms with selling Realtor, mortgage application (when appropriate). Obtain name of mortgage company and representative (if different form original contact).
11. TRG confirms with selling Realtor, date, place, and time of home inspection.
12. TRG will notify the seller and make arrangements for the Realtor and parties to have access to the home for the home inspection.
13. TRG will walk through the house with the seller in advance to check on any “red flag items” before the inspection.
14. Immediately upon completion of the home inspection, TRG will contact the selling Realtor as to the results of the inspection and notify the seller of any concerns (the actual report is not available to the seller for several days). Follow up on radon test results with laboratory.
15. TRG will notify seller that written report should be received by the seller’s attorney from the buyer’s attorney within approximately one week’s time.
16. TRG will notify seller of preliminary inspection results. Help obtain estimates, when necessary for repairs to home. TRG can provide trade people’s names where necessary.
17. TRG will verify with the attorneys that they are actively in communication with each other.
18. TRG will report to seller. Confirm agreements reached by attorneys in regard to home inspection. Obtain copies of attorney correspondence to verify.
19. TRG will confirm deposit of total escrow money (usually 5 to 10% of purchase price). Make sure that buyer and seller social security numbers are provided so that interest can be recorded properly.
20. TRG will touch base with the mortgage representative to see what documents are needed. A wood destroying insect warranty must be provided.
21. TRG will arrange for selling agent and appraiser to have access to property. Provide copy of listing and recent comps. Provide floor plans. Report preliminary results to the sellers.
22. TRG will verify all contingencies of sale have been satisfied. Provide names of moving companies.
23. TRG will place “under contract” sign on property or remove “for sale” sign & lockbox (if appropriate).
24. TRG can check on property condition if vacant, or if seller is out of area. (This may include lawn care, gutter cleaning, snow or garbage removal).
25. TRG will confirm house appraisal is adequate. Inform seller.
26. TRG will confirm receipt of written mortgage commitment and follow through on “subject to” terms.
27. TRG will confirm buyer’s attorney ordered title work and survey, if necessary.
28. TRG will schedule walk-through of subject property.
29. TRG will inform seller of where all detectors must be placed as well as fire extinguisher.
30. TRG will order smoke and carbon monoxide detector (if necessary) and certificate of occupancy inspection. Follow up on any items which require attention. Fax certificate to both attorneys.
31. TRG will confirm deposit monies ordered for closing and verify if certified funds are necessary.
32. TRG will prepare commission statement for closing. Fax to attorneys’ office.
33. TRG will call utility companies, inform of forwarding address – our assistant will handle transfers.
34. TRG will provide bills, etc. to selling Realtor to insure that the home repairs were made. Fax to attorneys.
35. TRG will Confirm time, date, and location of closing.
36. TRG will make sure that house is thoroughly cleaned for the walk through.
37. TRG will meet selling Realtor and purchaser for walk through. Prepare itemization of questionable items.
38. TRG will verify location of keys and garage door openers.
39. TRG will notify attorney as to walk-through results. Resolve any issues prior to closing.
40. TRG will attend closing. Bring all files, documentation, keys, and garage door openers.
41. TRG will report final closing to Board of Realtors if multiple listed.
42. TRG will buy you a nice gift – that is our pleasure. We also make sure to generously thank the person who sent you to us.

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