Seller
Information
IMPORTANT
INFORMATION REGARDING YOUR CLOSING (SELLERS)
REPRESENTING THE
INTERESTS OF THE SELLER IN REAL ESTATE TRANSACTIONS
IMPORTANT
INFORMATION REGARDING YOUR CLOSING (SELLERS)
If our office has been asked to act as
settlement agent in the closing of the real estate you are
selling, there are some matters that we will require your
assistance with in order to expedite the transaction and
prevent delays or extra costs to you. They are listed below.
Please also remember that you must bring a valid drivers
license or passport with you to closing for proper identification.
The closing cannot take place if you do not have this identification
with you. In order to ensure a smooth closing, we would like
to make you aware of the following information.
1. MORTGAGES:
If your property is presently mortgaged, the mortgage(s)
will be paid off at the time of closing using proceeds from
the sale, if any. You will need to fill out a form and return
it to us right away so we may contact the mortgagee(s) and
make the necessary arrangements for payment. This is very
important and requires your immediate attention. After your
mortgage(s) has been paid in full, the banks will send us
discharges which we will record at the Registry of Deeds.
In the event there is a non-institutional mortgage (i.e.
one given to a private individual, trust or corporation as
opposed to a bank or mortgage company), we will require that
the payoff amount be furnished to us before the closing and
a discharge be delivered at or before the closing. UNFORTUNATELY,
THERE CAN BE NO EXCEPTION IN THIS REGARD. If you are uncertain
about whether an outstanding loan is held by a private lender,
please contact our office or have your attorney do so. The
obligation to furnish a discharge at closing applies also
to outstanding attachments or other liens, if any.
2. DEED:
The preparation of a new deed to convey the premises to the
buyer is your responsibility. You should have your attorney
send us a copy of the proposed deed as soon as possible and
before the closing date. While we cannot represent the lender
and you, we are sometimes asked to prepare a deed as part
of our mortgage services.
3. SMOKE
AND CARBON MONOXIDE DETECTOR CERTIFICATE: We call to your
attention the provisions of Massachusetts General Laws, Chapter
148. You should contact your local fire department, arrange
for an inspection, obtain a Certificate of Compliance and
bring the original with you at the time set for closing and
fax a copy to us prior to closing.
4. ELECTRICITY,
WATER, SEWER, and FUEL: If your electricity is provided
by a municipal light plant, you must bring with you a final
electric reading. Similarly, your fuel oil readings
(if your property is not a condominium).
5. EXPENSES:
You will also be required to pay for Massachusetts excise
stamps, recording fees to discharge mortgages and other liens
and, where appropriate, to pay these items from the proceeds
of the sale.
6. POWER
OF ATTORNEY: If there is a power of attorney involved, please
send our office a copy of the Power of Attorney document
prior to the closing. The use of the power of attorney will
have to be approved by our client and then the form and content
thereof must be reviewed by our office. In any event, the
deed transferring title from you to the buyer must be signed
by you in the original and notarized.
7. CONDOMINIUM
UNITS: If the transaction involves a condominium unit, you
are required to provide a certificate pursuant to Massachusetts
General Laws, Chapter 183A, Section 6(d). This certificate
is obtained from the organization of unit owners and states
the unpaid common expenses which have been assessed to the
unit owner. You will also be required to provide a Certificate
of Insurance naming, as insured, the buyer and the buyer’s
new lender as well as its successors and assigns as their
interest may appear. It is imperative that the foregoing
language be on the Certificate of Insurance. The trustees
of the condominium trust can assist you in this matter.
8. SALE
PROCEEDS: If the closing takes place in our office, we will
make every attempt to record papers and disburse funds on
the same day. However, no matter where this transaction closes,
your funds will not be released to you until the deed and
mortgage have been recorded at the appropriate Registry of
Deeds. Your proceeds will be issued to you by a check drawn
on our trust account as is the standard procedure in Massachusetts.
9. TRUST
OWNERSHIP: If this property is owned by a trust, our office
also requires a Trustee’s Certificate. This certificate
should state that the trust has not been terminated, amended
or revoked; that the trustee(s) are the same and they have
not resigned; and that so far as may be required by the beneficiaries,
they have assented to the transaction and that they are of
legal age and competent. In addition, the statement should
be acknowledged before a notary public and be in the form
suitable for recording. We can prepare such a certificate
at a nominal charge if you request us to do so.
10. FOREIGN
INVESTMENT IN REAL PROPERTY TAX ACT OF 1980 AS AMENDED: This
Federal Law places special requirements for tax reporting
and withholding on the parties to a real estate transaction
under certain circumstances as set forth in the law. You
should seek the advice of your attorney or accountant concerning
the effect of this Act on this transaction. You will be required
to execute a copy of the enclosed certification under penalty
of perjury at the closing. If you do not plan on attending
the closing, please be sure that your attorney or agent delivers
the fully completed and executed copy of the affidavit along
with the deed. The closing attorney for the firm cannot and
will not provide information, advice or opinions regarding
the Act’s applicability to you or to this transaction.
11. FEDERAL
TAX LAWS: Since January 1, 1986, Federal Law requires the
closing attorney to report the proceeds of the transaction
to the Internal Revenue Service. Therefore, you will need
to complete an INTERNAL REVENUE SERVICE 1099S REPORTING
FORM and return it to us. Please be sure to include
your Social Security or Federal Identification Number.
12. TITLE
EXAMINATION: Please note that if, as the result of searching
the title or obtaining the plot plan and municipal lien certificate,
we discover that there are any deficiencies or defects, they
are your responsibility to correct or to have your attorney
do so on your behalf or determine your rights, duties and
obligations under your Purchase and Sale Agreement.
13. CLOSING:
You should also be aware that most lenders require 72 hours
notice in advance of the day of closing to prepare the loan
papers and to obtain the funds. There is no exception to
this requirement and it is therefore incumbent upon you to
coordinate scheduling of the passing not only with our office
but with the buyers and brokers as well.
14. IF
YOU ARE SELLING PROPERTY IN THE CITIES OF BOSTON, LYNN, LAWRENCE
or HAVERHILL (OTHER THAN A CONDOMINIUM UNIT), FINAL WATER
READINGS ARE REQUIRED. Due to experience with the Water and
Sewer Commissions in these communities, we have been forced
to require a final water reading for all closings pertaining
to property in theses cities. For property in the City of
Boston, a final water reading must be ordered by you from
the Water and Sewer Commission. It takes approximately two
(2) weeks to get the final reading. Please note that a water
bill, even a water bill received on the day of the closing,
is not sufficient, as the Boston Water and Sewer Commission
is far behind on its billings. For all other communities
please contact the Water and Sewer Commission of that city
or town if you have any questions.
15. CORPORATIONS,
LLPs and LLCs: If you hold title to the property in a corporate
name or in an LLC or LLP you should immediately take steps
to secure the following documents:
A) A Certificate of Legal Existence from
the Secretary of State and latest annual filing.
B) For corporations, a waiver of the corporate excise tax
lien imposed by the Commonwealth of Massachusetts Department
of Revenue under M.G.L. Chapter 62C, Section 51 or statement
on the deed that the sale does not constitute a sale of
substantially all of the Corporation’s assets.
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REPRESENTING
THE INTERESTS OF THE SELLER IN REAL ESTATE TRANSACTIONS
Our office specializes in
real estate conveyancing. We are prepared to represent you
in the sale of your real estate and to make the entire process
easy and enjoyable for you.
Unless we are representing
one of the other parties in your sale our office can represent
you for a reasonable fee and give you the comfort you need
to proceed confidently toward the sale of your home or investment
property as well as in the purchase of any new real estate.
Some of the services we provide when representing sellers
are:
- Review of any agreement with a real estate broker or
assistance in deciding whether you should sell the property
yourself.
- Negotiation and preparation of the Offer to Purchase
and Purchase and Sale Agreement to protect your interests
and concerns.
- Resolve issues which may arise during the pendency of
your sale.
- Explain the mortgage process and assist you in understanding
just what your buyer’s or lender's requirements mean
to you.
- Assist you in resolving and clearing any issues that
may be found in the examination of your property's title.
- Prepare the deed from you to your buyer.
- Assist in the coordination of the closing and represent
you at the closing, review all closing documents and explain
their meaning and significance to you.
- Answer questions you might have and resolve disputes
that may arise at any time during the closing process.
Please call our office to discuss how we
can represent you and what our fees are for this service.
We look forward to hearing from you.
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