Buying and Selling Process - English

Welcome to The Mark Seiden Real Estate Team. We look forward to providing you the most professionalser vice and making the real estate transaction process as easy and organized as possible. In order to do this, we would like to take this opportunity to summarize the real estate sales process for you so you know what will happen during the purchase/sale transaction.

HomeBuying and Selling Process

It is very important to understand the most important aspect of how real estate is transacted in New York State. A buyer is not obligated to purchase, and is not protected from other buyers purchasing a property one is interested in, unless, and only unless, a buyer has a signed, executed contract of sale by the buyer(s) and the seller(s). No verbal offer, acceptable offer, signed written offer, verbal or written binder, promise or anything else will protect the purchase/sale of a property!

No matter what a buyer and seller agreed to verbally, no matter what discussions the attorneys have, you do not have a binding contract until you have an executed contract of sale.

That means that during the time a buyer is scheduling a home inspection, the attorneys are discussing contract issues, etc., the property is still being shown to other buyers for sale. Any other buyer has the right to and, if motivated enough, will present to the seller any offer. And, if the seller wants to take the new offer, the seller can and may. If a buyer has spent money on a mortgage application, points, lock-in fees, house inspection(s), attorney fee, appraisal, etc., and there is no signed, executed contract of sale, the seller has the right to cancel the deal and sell to another buyer at any time. And, the seller is NOT obligated by law to reimburse the buyer for ANY expenses incurred. In addition, no matter how much the seller has relied on the buyer purchasing the property, the buyer has the right to cancel the deal at any time. Therefore, always remember and never forget that when a buyer finds a property to purchase, go through the process as quickly as possible. All the best intentions and reasonable discussions do not guarantee a sale of a house. Only an executed contract protects one buyer from other buyers, or buyers deciding to “back out”. So, until the contract is executed, remember, everyone is at risk.

Mortgage Pre-Approval

First things first. As a buyer, the most important process to accomplish before you see any property, go on the computer to search for properties, go inside a home, see a Realtor , answer an ad, speak to a friend, anything... is GET PRE-APPROVED! You need a bona fide lending institution to make sure you have the proper down payment, credit history, debt/income ratio and income level in order to purchase a home. So, how do you get a “preapproval?” Go to a bank or a mortgage banker or broker. You can find these people almost anywhere, from the phone book, a bank on any street, Internet, Realtor referral, attorney referral, etc. Speak to a minimum of two to three representatives from different lending institutions, as each lending institution has different lending programs at different interest rates at different times. The mortgage banker/broker will ask you a lot of questions.

1. The first one you will have to answer is what is your name and social security number. Without a social security number, you will need to have a “Federal ID” number, but it is more difficult and more expensive to get a mortgage. If you don’t have a social security number, is there anyone who has a social security number and good credit that would agree to purchase a property with you? If not, then you have to go get a social security number.

2. With your social security number, the mortgage representative will run a “credit report” and generate a “credit score.” This “score” will determine how much of a risk the bank may have to take in giving you a loan. If you have had a decent amount of credit and paid back your loans in a timely fashion, then you will have a good score and get a loan at a higher dollar amount, at the lowest interest rate. If you have some late payments or any other negative items on your credit history, then you may not be able to borrow as much money and/or will have to pay a higher interest rate.

3. Once your credit score is finalized, your mortgage representative will ask you questions as to your income (as proven as stated on tax returns), debts, other mortgages on other properties, financial obligations (child support, alimony, etc.) and many others. If you have a low “stated income” or no tax return, there are other types of mortgages available, and yes, you can still get a mortgage. You’ll need to discuss this with the mortgage representative for details. Once all this information is compiled, you will then be told how much you can spend on a property, depending on how much cash you want to use of your own, versus how much you want to finance.

4. At this point, the mortgage representative will give you a written “Mortgage Pre-Approval” that states the mortgage representative has verified credit and taken an income and debt history. It will also establish how much you may spend on a property, how much you will put down as cash, and how much you will mortgage. This is the document you will give to your Realtor so he/she will know what kind of properties to show you. Without this certificate, it is impossible for any Realtor to really know what you can spend. In addition, the “Pre-approval” will also be required by the seller’s Realtor in order to present an offer. Please note, this “Pre-approval” does not show any confidential information, such as your income, debt, credit score, or any other personal information. It only shows how much you can afford to purchase for a property.

5. After you receive the “Pre-approval,” the mortgage representative may ask you to “lock-in” an interest rate at that time. DO NOT LOCK-IN ON ANY RATE UNTIL YOU ARE IN A CONTRACT-OF-SALE AND KNOW THE CLOSING DATE OF THE TRANSACTION! Lock-in rates are only valid for a certain amount of time, and they do expire! So, if you lock-in too soon, and you can’t close on your property before the lock-in rate expires, you won’t necessarily be able to keep that rate! Then it may cost you even more money to lock-in on a new rate later on.

6. You should also keep in mind that there are additional expenses/costs in purchasing a home. These costs are called “Closing Costs.” These expenses include, but are not limited to, lock-in fees, prepaid property taxes, mortgage fees, recording fees, appraisal fees, attorney fees, title insurance, and many others. You will need cash in the amount of approximately 4% of the price of the home to cover these expenses. But this estimate may vary depending on “points” paid to the lender, property taxes, etc. Speak to your mortgage representative for a complete list of projected expenses.

Assemble The Team

So now as a buyer, you have your “Pre-Approval” in hand. The next step is to assemble your team. It is very important to hire all of your team in advance. Since there is a possibility that you may want to bid on a property on which there are multiple offers, you have to have your team pre-assembled in order to make sure you can work quickly and efficiently. If not, you may have to try to search for a member of your team during the purchasing process, which will lengthen the time needed to put your deal together. Always remember, the longer it takes for the deal to be executed, the more at risk you are of losing the house to another buyer! So, who must you line up to have on your team?

MANDATORY-IMMEDIATELY:

1. Realtor (Coordinator)

2. Home Inspector/Engineer

3. Mortgage Broker/Banker

4. Real Estate Attorney

5. Non-profit financial aid consultant for some first time home buyers (if necessary/applicable)

OPTIONAL:

6. Appraiser (usually supplied from the Mortgage Representative)

7. Accountant

8. Financial Planner

9. Decorator

10. Architect

11. General Contractor AFTER SIGNED CONTRACTS:

12. Insurance Company

13. Surveyor

14. Title Company (usually supplied by the Real Estate Attorney)

If you already know and trust someone who is on any of these lists, then start with that team member and ask that person to give you recommendations or referrals for the others. If you don’t know anyone well enough from the list, then you can find any of these team members from many different sources, including, but certainly not limited to, your Realtor .

The Realtor will be the coordinator for this team. At every phase of the transaction, the Realtor will ensure that the proper “team member” completes his task appropriately and in a timely manner, until the final day of closing.

Representation by a Realtor®

When you work with a Realtor , please note that some agents work with buyers as “buyer’s agents,” thereby representing the buyer, while others work as “seller’s agents,” thereby representing the seller. As a buyer, if you work with a buyer’s agent, any and all information about your personal situation and what you are willing to spend on a particular property is confidential. With a seller’s agent, any personal information or any statement you make on how much you will spend on a property, by law, will be disclosed to the seller! So, when you hire a Realtor , please ensure that the Realtor presents you with a “Disclosure Form 443” that defines and states to you whether he/she represents the buyer or the seller. You will sign the form so there is written disclosure as to whom the Realtor represents. This signed disclosure protects you! You must understand how the verbal and written information you provide to that Realtor will be used, as it could be used in your best interest or, believe it or not, against your best interest. Please understand, by signing this form, it does not obligate you to use this agent, nor does it mean you have to pay a commission. It is only a disclosure that defines who the Realtor represents during your real estate search and transaction.

Shopping for the Property

For a buyer, finding a property can be tedious. It may be found by the Realtor on “multiple listing,” by you driving by a “for sale” sign, searching the internet, reading a newspaper ad, going to an “open house,” talking to a friend, finding a “For Sale by Owner,” and on and on... But, no matter where you find that property you want to see, CALL YOUR REALTOR . You should not have more than one agent in any specific area. It will get very confusing for both you and the agents and is not in your best interest. Even though you may see a sign in front of a house or an ad in the newspaper that is with another Real Estate agency, it is not necessarily in your best interest to call that other agency. CALL YOUR REALTOR . Your agent can show you everything!!! Remember, that agent is your “Team Coordinator” for the entire purchasing process. If you want to see houses in an area outside of your Realtor’s “area of expertise,” then ask your Realtor to “refer” you to another Realtor in that new area. This way, you can be assured that you get someone you can trust, since your current Realtor recommended that agent.

Putting in a Bid — The Negotiation Process

After buyers find the property they want to purchase, the Realtor will discuss with the buyer the terms needed to place or take a bid. The bid is not just the price the buyer submits, but consists of six (6) key components. The buyer will need to have answers to these questions:

1. “Current property status” examples:

a. Do you have to sell anything in order to purchase? Do you rent?

b. Do you have to be out of where you are living at a certain time?

2. “Financing” examples:

a. Do you have to sell any other property to purchase this one?

b. Do you need a mortgage (“contingency”) to buy the property?

c. How much cash are you putting down in total as cash (equity)?

d. How much are you financing?

e. Are you pre-approved? (Provide a written “pre-approval”)

f. Who is your lending representative?

g. How much do you have to put down at contract? Is it 10%? Is it liquid?

3. “Possession” examples:

a. When do you want to close on the property?

Please remember, in NY State, the date placed in the contract will most likely read “On or About.” This means that whatever date you agree upon, the seller or the buyer can postpone the closing date for up to about 30 days after that date, with No legal penalty. So, when negotiating an offer, please remember that there is a good chance it may not close on that date and to ensure that you can close within that “30 day window.”

4. “Inclusions and Exclusions” examples:

a. Is the washer/dryer included, what light fixtures are excluded, etc.?

b. Is the playground included, etc.?

5. “Other Terms” examples:

a. Is there an occupancy agreement?

b. Are there penalties for closing after a certain date?

c. Is there going to be a property inspection?

d. If it’s a multi-family property, are any of the tenants staying, or does the property have to be free of tenants?

e. Are there “C of O’s” (Certificates of Occupancy) for everything on/in the property?

f. And there are many others...

6. “Price” examples:

a. How much are you willing to pay for the property?

Buyers, please note: Just because a property is “listed for a certain price,” it most likely will not sell for exactly that price. If there are no other buyers other than you for a certain property, it may sell below the listing price. But, please understand, if there are other offers from other buyers for the property you desire, the final sales price may well be over the stated listing price. This is not uncommon in this marketplace. Please realize that the “listing price” is just a number that the owner and the Realtor thought was their “best estimate as a market price” and so they used that number as a starting point. But, “the market,” not the seller, the buyer or any Realtor sets the market selling price. If there are multiple bids on a property and buyers are willing to pay more than listing price for that property, then that is the market selling price for that house, no matter what was written as the “listing price.” Therefore, a buyer may be able to buy the house for under the “list price,” but you must always be prepared to accept the “market selling price,” no matter if that is below or above any listed price.

Acceptable Offer

After the buyer and the seller agree on a price and all the terms, you will now have something called an “acceptable offer.” However, please understand, this “verbal agreement” is not legally binding the buyer or the seller. Moreover, the property will continue to be shown for sale to other buyers, and offers will be presented to the seller until a “contract-of-sale” is signed by both a buyer AND the seller (executed contracts). Until contracts are executed, the buyer may withdraw the offer at any time to buy something else, and the seller may withdraw the acceptance at any time and sell to someone else. Therefore, after an acceptable offer is negotiated, the longer it takes to have a property-inspection and proceed to an executed contract, the more opportunity the seller has to sell at a higher price or better terms to another buyer.

The property will continue to be shown for sale. Any agent requesting to show the home will now be told there is an “Acceptable Offer” on the property, but that all showings are encouraged and that the seller will consider all offers.

All applicable disclosures will be distributed to the buyers and sellers for signatures and execution. These disclosures may include some or all of the following:

a. NY State Property Condition Disclosure (for one to four family homes).

b. Federal “Title X” lead disclosure (for houses, condos, co-ops and multi-family homes up to four-family, that are built pre-1978).

c. “Dual Agency” disclosures, if applicable.

A pre-approval will be faxed to the listing agent. (This was probably already completed during the negotiation process, but if not, then it will definitely be sent now). This pre-approval indicates that the lending institution completed a credit report on all the buyers on this transaction.

Property Inspection

Once you have an “acceptable offer,” the buyer will proceed with a property inspection. This is usually scheduled to be completed within 48 hours of the accepted offer. It is highly recommended that the purchasers be present at the inspection so they can experience and see first hand any deficiencies the property may have. The buyer should receive a written report at the inspection, but no later than 48 hours after the inspection. This is not the time to try to renegotiate just to get the property at a lower price. However, if there are any items that the purchaser feels are important enough that the seller needs to repair and/or replace, then your Realtor will negotiate those items for you. But remember, the longer the repair list and/or how trivial the item, the seller may refuse and just sell to another buyer. In addition, depending on the situation, a specialist (example: a plumber for a plumbing issue) may be called in to supply additional information. As a rule of thumb, if wood-destroying insects are found, the seller is usually responsible for all extermination. Or, if there is a buried oil tank and the tank fails an inspection, by federal law, the seller is responsible to “cure” the failure. Therefore, please make sure that you only attempt to negotiate items very important to you in order to keep the transaction flowing quickly and efficiently.

The inspections usually take two to four hours to complete. The inspections may include some or all of the following:

a. General inspection (structural, basements, water leaks, roofs, heat & air conditioning, plumbing, electric, mechanical, etc.)

b. Wood-destroying insect inspection

c. Radon test, (if applicable - this may take 5-7 days to procure results)

d. Septic inspection, (if applicable)

e. Buried oil tank test, (if applicable)

f. Well water test, (if applicable). In Westchester County, the seller is responsible to take this test and provide the results to any purchaser. (This may take 5-7 days to procure results)

g. Other, if applicable: Mold, lead paint, formaldehyde insulation, asbestos, lead pipes, etc.

Attorney Review and Contracts

After the inspection, the seller’s Realtor will fax a “purchase memo” to the seller’s and buyer’s attorneys outlining the details of the transaction. This one page, 81/2 x 11, one-sided document contains all of the following information:

a. The property address and tax identification number

b. The buyers, sellers, and their respective attorneys

c. The price and terms of the deal (closing date, mortgage, etc.)

d. The items included or excluded in the sale (light fixtures, etc.)

e. Any other information (occupancy agreements, repairs, etc.)

f. The Realtors® involved in the transaction

Along with the purchase memo, the executed disclosures (signed previously by the sellers and buyers), a survey, if applicable, and any other pertinent information (test results, repair documentation, etc.) will be included. At that point, the seller’s attorney will draft three or four original copies of a contract-of sale and send it (we recommend by email, fax or overnight delivery!) to the buyer’s attorney. Along with the contract-of-sale, the attorney will include any applicable disclosures, a survey (if available on a house or “PUD”), and, for a property in a “homeowners association,” the Prospectus and two years financials of the complex will be included. The two attorneys will negotiate any changes to the contracts to finalize all the legal language, in advance of any signatures. The buyers will then go to their attorney’s office and sign the contract and write a down-payment check, usually in the amount of 10%, or any other amount negotiated previously by your Realtor . The purchaser’s attorney will send the contracts (again, we recommend by overnight delivery!), with the down payment check to the seller’s attorney. The sellers will then countersign the contract. Lastly, the seller’s attorney will then send two original copies of the contract-of-sale back to the buyer’s attorney. Once the buyer’s attorney receives the fully signed contracts-of-sale, at that time, and only at that time, the contracts and the deal are considered EXECUTED! Therefore, at that point, and only at that point, your transaction is protected. The seller’s attorney will hold the down payment in an escrow account. (Note: this deposit does not obligate the seller to the contract of sale! If the check was cashed but the contracts are never executed, the sellers’ attorney simply sends a new check back to the buyer’s attorney, no damages or obligation! After executed contracts, these funds will only be released to the seller at the closing and be applied toward the total cash the buyers are putting down on the transaction.)

Remember, until contracts are executed, sellers or buyers may pull-out of the deal at any time for any or no reason!!

NOTE: Inspection costs, lock-in fees, mortgage application fees, attorney fees, etc. do not legally have to be reimbursed by either party if a deal is cancelled by either side prior to execution. Therefore, we recommend working as swiftly and efficiently as possible to ensure your deal is completed and executed, and that you do not lose any money for fees paid on a deal that never becomes executed.

After Executed Contracts

After executed contracts, you can relax a little, but just a little, as there is still a lot of work to be completed prior to the closing. Many people will be working for you at this time in order to finalize the transaction and “get closed.” Not everything will be in your control, so it is important that you have your “team” available in advance and that you trust them to get everything completed in your best interest.

Closing Date: This is probably one of the most confusing of any term in the contract, causing much frustration for both buyers and sellers. If the contract reads “on or about,” then the date in the contract is a “target date” not an absolute date. It is very likely that the closing will NOT actually be on the specific date as stated in the contract. The buyer and/or seller can postpone the date of the closing for up to about 30 days. If one party (let’s say the seller) wants to extend the closing 15 days later from the “on or about” contract date, even if the other party (let’s say the buyer) does not want it extended, the date will be extended! Therefore, when scheduling mortgage rate lock-in dates, movers, lease termination, contract dates to purchase or sell another property, etc., great caution must be used!

Showing the Property: The property will no longer actively be shown for sale. Any agent requesting to show the home will now be told there are “executed contracts” on the property.

WHAT THE BUYER WILL BE DOING:

Mortgage Process: If you are getting a mortgage, you will now submit the necessary paperwork to get a “mortgage commitment.” A mortgage commitment is a term the banks use that means the bank has reviewed and confirmed all the information about the buyer and that the bank has officially approved the buyer to receive the money for the mortgage. In NY State, this entire process usually takes about 45 days, but can vary tremendously depending on the number of applications the bank is processing and the type of loan being processed. During a decrease in interest rates, the banks may be deluged with re-financing requests, thereby extending the amount of time it takes to obtain a mortgage commitment.

Appraisal: One of the items the bank providing the mortgage will require is an appraisal of the property. The bank will send out an appraiser to the property usually within one to three weeks after the bank receives its copy of the executed contracts. If a buyer is applying to more than one bank (in order to shop for the best rate), there may be more than one appraisal.After the appraiser visits the property, the written appraisal is usually completed and submitted to the bank within five to seven business days.

Survey of Property: A “map style” survey is not required to transfer title of a property from a seller to a buyer. However, it is usually the buyer’s lending institution’s requirement that a survey is provided in order for the buyer to attain a mortgage. Therefore, a survey will be needed for the buyer to attain a mortgage on a single or multi-family home or on an attached home/townhouse in a “Homeowners Association” that is a “PUD.” Properties that are in Condominium and Co-Op associations do not need a survey. If the seller is able to supply a current survey (usually less than 10 years old), then a buyer will usually not need to procure a new survey. If a survey is not available, too old or simply not accepted by the bank, the buyers, at their expense, will need to hire a surveyor to attain a new survey. It usually takes upwards of two to four weeks lead time to get a surveyor to a property! After the surveyor physically surveys the property, it may take an additional two to three weeks to receive the written survey map, depending on the size and shape of the property. Therefore, this process should be started early!

Mortgage rate lock in: Buyers should absolutely NOT LOCK IN ON A RATE THAT WILL EXPIRE WITHIN 30 DAYS AFTER YOUR “ON OR ABOUT” CLOSING DATE IN THE CONTRACT! Remember, the “on or about” contract date is not an absolute closing and moving date. The buyer and/or seller may extend that date, for up to approximately 30 days past that date. So, as a buyer, don’t risk losing the rate and your lock-in fee by accepting a lock-in expiration date that will expire too early! The rate-lock date must extend at least 30 days past the “on or about” contract date! Anything earlier than that exposes you to the risk of paying extra points for rate extensions or losing the “locked-in” rate completely.

Terminating a Lease: For buyers that are tenants purchasing a property, this is probably the most difficult issue since the buyer/tenant has to give notice to the landlord. The buyer/ tenant has an “on or about” closing date in the contract, whereby the closing date can be extended by the seller or even by the buyer if the mortgage commitment is not received from the bank in a timely fashion. Therefore, the buyer/tenant needs to schedule some flexibility with the landlord in case the closing date gets extended. The buyer/tenant may have to pay for an additional month of rent, even though the buyer/tenant only needs to stay a few days into the next month.

Title Search: This will be the final step for the buyer’s attorney before scheduling a closing. A couple of weeks before the targeted closing, the buyer’s attorney will order a title search to make sure that nobody else is laying claim to the property; the home is “lien free” except for those liens already known on the property (current seller’s mortgage, etc.). It also verifies that

the property description from the appraisal and/or listing sheet matches what the Village/Town/City has on record as to legal space, number of bedrooms and baths, sheds, out buildings, etc. This is why it is vital that the seller has all the Certificates of Occupancy intact prior to closing.

WHAT THE SELLER WILL BE DOING:

If there were any terms of sale in the contract for the seller to perform, this would be the time for the seller to take care of those items. This may include, but is definitely not limited to:

• Attaining a “Certificate of Occupancy” or “Fire Underwriter Certificates” for any modifications and/or additions to the home in which the seller had not previously procured a building permit.

• In the City of Peekskill, an updated certificate of occupancy is required for all transfers of title.

• Repairing/replacing any items that the buyer and seller agreed would be completed prior to closing.

BOTH BUYERS AND SELLERS:

Movers: It is time to call movers to get bids and to schedule a moving date. Please remember, this date may be extended so you and the moving company will need to be flexible

Insurance: Call your insurance company and inform them of your move. Schedule a cancellation of your insurance on your current property and order insurance for your new home. For the new property, your insurance company will ask you many questions, including: How many feet away is the closest fire hydrant? How far away is the fire department? Try to have that information available for your insurance provider.

Actual Closing Date: Ok, so let’s move ahead about 30 to 45 days... and now the buyer received the written mortgage commitment, the bank and buyer’s attorney have approved the title report and the buyer’s, seller’s and bank’s attorneys set an actual closing date, time and location. After all that is accomplished, here’s what’s next.

SELLERS

• Call the utility, telephone and cable TV companies to inform them of the “shut-off” date. The seller will need to provide these companies with a forwarding address, so the companies can bill the seller for the services provided up to that date.

• If applicable, the seller calls the oil, propane and water companies for a final reading.

The oil and propane companies will come out and read how much oil and propane is remaining in the tanks and provides a certificate for the closing, detailing the amount of oil and propane left in the tanks and the dollar value of those products. The water company will come out to read the meter in order to provide a final bill to the seller for the closing.

BUYERS

• Call the utility, telephone, cable TV, satellite, water, oil, propane, etc. companies to order service to start as of the closing date.

Seller Move-Out: After the seller vacates and the movers are gone, the seller then cleans the home to “broom-clean” status. The home must be vacated by the seller and be completely empty & clean for the walk-thru and closing. All movers, cleaners, trash hauler, pet pickups. etc. must be completed at least 3 hours prior to any closing in order to give the buyer enough time to perform the walk-through and get to the closing! Any deviation from that time schedule may result in money being left in escrow at the closing and the closing itself being extended from the typical two hours to considerably longer!!! This may be an added expense for both the buyer and the seller, and will definitely be added time, frustration and worry for all.

Walk-through: This is the final step before entering the doors of the closing. Here, the buyer will do a final inspection, not to find any additional items that might have been missed on the original inspection, but to look and make sure the home is in at least the same (or better) condition as it was during the original inspection. Also, the walk-through ensures that any areas, such as floors, walls, counters, etc. that were previously covered by area rugs, window treatments/pictures, appliances/books, etc., which were not visible during the original inspection, are in good condition. And, lastly, the purpose is to ensure that everything that was supposed to be included with the sale is on the premises and that everything that was supposed to go was, in fact, removed from the house.

Paint cans and scrap-wood: This is probably one of the most discussed items at a walkthrough. Please remember that the buyer and seller should be specific as to what items are to remain or to be removed.

Light fixtures removed: Any light fixtures removed should be replaced, by the seller, with a “porcelain” light-bulb fixture. They usually cost about $2.50 each or less. No bare wires should be exposed.

Holes in walls from pictures: It is reasonable for the seller to leave small holes left by nails from pictures and posters. However, the seller is required to remove any hooks and nails from the wall. If there is significant hole/damage left by a particular picture/mirror, etc., then the seller should patch that damage. But, no painting is necessary.

Moving Checklist

To assist you in preparing for your move, you may want to pick up a copy of the U.S. Postal Service’s Movers Guide. In it you will find those critical change of address cards, in addition to helpful tips for a successful move. Be advised that the post office is only required to forward magazine subscriptions for 60 days.

The following is a convenient moving checklist to make sure you don’t forget anything:

CALL ALL UTILIT Y COMPANIES:

• Con Edison/NYSEG – seller to request final meter reading and provide notification of owner transfer date.

• Water department – seller to request final meter reading for seller to obtain final invoice.

• Oil company – seller to request final oil tank reading and obtain written statement of value (in dollars) of oil remaining in tank.

• Cable or satellite television company–seller to return any equipment, and buyer to coordinate equipment and turn-on service.

• Telephone-seller to request final bill and provide forwarding address. Buyer to request new service.

• Propane company – seller to request final gas level and obtain written statement of value (in dollars) of propane remaining in tank. Buyer to request new service.

GENERAL CLEANING:

• Be sure the entire home is “broom clean.”

• Attic and basement should be completely cleaned out, properly disposing of any old paint cans and scraps of wood!

• Make an appointment to have the septic tank cleaned out a week prior to closing (if applicable).

GENERAL MAINTENANCE: NOTIFY HOUSEHOLD CONTACTS...

• Pool Company

• Landscaper/Gardener/Lawn Service

• Lawn Sprinkler Service

MAIL/NEWSPAPERS:

• Driveway Plow Service

• Cleaning Service

• File a Change of Address Form with the Post Office.

• For magazine subscriptions: one call to: “OneSwitch” 1-(800-480-9583). They will transfer all magazines for free.

• Call newspaper companies to cancel delivery.

OUT OF AREA MOVE:

• Request a copy of all pertinent records: medical, dental, veterinarian, etc.

• Collect all school records as needed.

• Close all bank accounts.

• Empty safe deposit box.

We hope this information helps you understand what you will experience in the next few months. Always remember, your Realtor® will assist you in the entire process. If you have any questions, problems or comments, your agent has the resources available to solve your issue. The key is to use your Realtor® and keep him informed and involved the entire time. Good communication will ensure thesmoothest transaction and help you in your purchase of your new home.