Contracts & Closings

CONTRACTS  & PAPERWORK 

If your contract is properly prepared, your closing will go smoothly and both the Buyer and Seller will be happy and feel good about the transaction.  The Contract must contain all of the agreements between the Seller and the Buyer; furnish all of the terms and conditions to be included in any purchase money note and mortgage; explicitly delineate closing costs, prepaid expenses and clearly provide who will pay each of these; clearly define and/or limit the Seller’s warranties as to the condition of the property; clearly define and/or limit the Seller’s warranties as to the condition of the property including the roof, electrical, plumbing, heating and air conditioning systems; provide for the Purchaser’s right to have an independent inspection performed; include or omit a provision for prorating taxes, insurance interest and rents; provide for disposition of the escrow account; provide for a closing date; provide for a possession date; provide for the disposition of any existing loan; deal Seller’s release or non-release of liability on the existing loan; provide for termite letter if required by lender.

In addition to the sales contract, all sellers  need to provide to the purchaser with a Residential Property Disclosure Statement. All property built prior to 1978 will require a lead paint disclosure, too.

It is wise to utilize an experienced real estate closing attorney to assist you in preparing your Contract or at least reviewing it before signing it.  All of your rights and liabilities are irrevocably established when the Contract is signed.  

CLOSING
Local custom and tradition dictates how real estate closings are handled. In KS and MO the seller chooses the title company to handle their closing - not the buyer. We recommend www.ownerslandtitle.com local Douglas County title, escrow and closing experts.

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SHOULD YOU HAVE ANY QUESTIONS REGARDING ANY ASPECT OF THE CLOSING, PLEASE CALL www.ownerslandtitle.com TO DISCUSS THIS OR CALL US AT 913-498-3726.