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I'm Selling My Home And Signed The Contract - Now What?

When owners are in the market to sell their homes, they invest a lot of time and energy in what it takes to reach an accepted offer, i.e., prepping the property, retaining a real estate broker, open houses, offer negotiations, home inspections, etc. And then, once the contract of sale is finalized and the seller signs on the dotted line, there’s usually a collective sigh of relief.

So after the contract is signed? What is it that a seller has to do until it’s time to close the deal?

The answer, of course, is contained in the contract.

First and foremost, sellers are typically obligated to maintain the property as they normally would. If you’re selling a single family home with a yard and it’s October or November, continue to rake the leaves as you normally would. If winter is approaching and you have law sprinklers, make sure the system is properly winterized so the lines don’t freeze and crack from freezing temperatures.

Moreover, all of the appliances that are in working order as of the date the contract is signed must also be in working order as of the date of closing. If an appliance happens to fail between contract and closing, inform your attorney who will explain your contractual obligations but, usually, it’s a good idea to have the appliance repaired and, if a repair is not possible, have the appliance replaced with a comparable make and model.

Otherwise, as seller, the contract of sale will obligate you to provide clear title to the buyer at closing. What clear title is and what it means is greater than the scope of any one blog or article post. However, in plain English, clear title means conveying the property to the buyer without any defects on title, meaning existing mortgages must be completely paid off at closing and any open permits or building department violations must be cleared prior to closing.

Once all of the above conditions are met, it’s usually time to schedule closing. At closing, you’ll sign a deed that conveys ownership of the property to the buyer and, in return, you’ll receive the balance of the sale proceeds less your closing costs, e.g., realtor commissions, NYS/NYC transfer taxes, etc.

If you’re in need of an experienced, friendly real estate attorney to represent your interests in the sale of your property, please call or email Stephen Donaldson, Esq., at The Donaldson Law Firm, PLLC, and allow us to guide you through the process from start to finish.

Stephen Donaldson