Closing Checklist for Agreement of Sale

CLOSING CHECKLIST FOR PURCHASE OF RESIDENTIAL PROPERTY FROM AN ESTATE

PROPERTY ______Agreement of Sale Execution Date ______Settlement Date ______

Check When Complete / Item / Date Ordered or Submitted / Date Delivered / Notes or Follow up Needed
Agreement of Sale Required Items
Agreement of Sale
Pay Deposit(s), get Receipt/cancelled check
OPTIONAL AGREEMENT OF SALE ITEMS
Recordable memorandum of Agreement of Sale
MISC. ITEMS NEEDED
Order title commitment
Order payoff figure(s) from lender(s) (title company can order)
Obtain flood certifications (title company can order)
ESTATE RELATED ITEMS
Appointment of Executor or Administrator from Court (sometimes called letter of administration)
Approval of sale from the Court (necessary in some jurisdictions. Attorney handling estate will know if this is needed and do the work to make it happen)
MORTGAGE
Make mortgage application
Deliver copy mortgage commitment to Seller
PROPERTY INSPECTION
Conduct Property Inspection
Deliver property inspection report and notice of cancellation of deal or demand for repairs (if necessary) to Seller / I
WOOD INFESTATION / STRUCTURE
Deliver to Seller wood infestation report and demand for repairs, deal cancellation if necessary
Deliver to Seller structural damage report and demand for repairs, deal cancellation if necessary
LEAD-BASED PAINT
Deliver to Seller lead paint inspection report and demand for repairs, deal cancellation if necessary
RADON
Deliver radon test report to Seller and demand for repairs, deal cancellation if necessary / I
WATER SERVICE
Deliver water inspection report to Seller and demand for repairs, deal cancellation if necessary
SEWAGE SYSTEM
Deliver sewage system inspection report to Seller and demand for repairs, deal cancellation if necessary
Pumping and cleaning (if required)
CERTIFICATE OF OCCUPANCY
Obtain Certificate of Occupancy
ZONING
Verify legality of existing & proposed uses of the property
Check with building inspector’s office there are no outstanding building code violations
UTILITIES
Apply for Gas Service
Apply for Water Service
Apply for Electric Service
Take Final Meter Readings day of settlement
Apply for Governmental Permits needed to operate property (sometimes needed for rental properties. Jurisdiction dependant)
ADDITIONAL ITEMS FOR TENANT-OCCUPIED PROPERTIES
Tenant Estoppel Letters
Deliver Copies of Leases and rent Applications to Buyer
Deliver Accountant-Certified Copy of Schedule “E” to tax return or other tax return forms pertaining to the rental property
Notice from Landlord to Tenant that there is a New Owner
Deliver copy of tenant payment history to Buyer
Deliver tenant contact information to Buyer