What is the sellers main responsibility at closing?
At closing, the seller’s main responsibility is to transfer ownership of the property to the buyer. This involves several important tasks and responsibilities, including:
- Providing all necessary documents: The seller must provide any necessary documents, such as the deed, bill of sale, and any other transfer documents required by the jurisdiction in which the property is located.
- Paying off any outstanding debts or liens: The seller must ensure that all outstanding debts or liens on the property are paid off before the closing. This may include mortgages, property taxes, or any other liens that may have been placed on the property.
- Providing clear title to the property: The seller must provide clear title to the property, meaning that there are no outstanding liens or disputes over ownership of the property.
- Delivering possession of the property: The seller must deliver possession of the property to the buyer at the time specified in the purchase agreement.
- Distributing proceeds from the sale: The seller is responsible for distributing any proceeds from the sale of the property, which may include paying off any outstanding debts or liens and receiving the remaining balance of the purchase price.
It’s important for the seller to work closely with their real estate agent or attorney to ensure that all of these tasks are completed correctly and in a timely manner.
What a house disclosure means?
A house disclosure is a document provided by the seller of a residential property to the buyer that discloses information about the property’s condition, history, and any known issues. The purpose of a house disclosure is to help the buyer make an informed decision about whether to purchase the property and to avoid any surprises or disputes after the sale.
The disclosure typically includes information about the property’s age, condition, and any recent repairs or renovations that have been done. It may also include information about the property’s systems, such as the heating and cooling systems, plumbing, and electrical systems. Additionally, the disclosure may include any known defects, such as water damage, structural issues, or pest infestations.
It’s important to note that house disclosures can vary by state and country, and not all sellers are required to provide a disclosure. However, in many cases, providing a disclosure is a standard practice and may even be required by law. As a buyer, it’s important to carefully review the disclosure and ask any questions or seek clarification on any points that are unclear before making a decision to purchase the property.
Is a Home Inspection Required When Using a Mortgage Loan?
While a home inspection is not always required when using a mortgage loan, it is highly recommended and often required by the lender. In most cases, a lender will require a home inspection as part of the mortgage approval process.
The reason for this is that the lender wants to ensure that the property being purchased is in good condition and has no major issues that could impact the value of the property or the borrower’s ability to repay the loan. A home inspection can help identify any major issues with the property and allow the buyer to make an informed decision about whether to proceed with the purchase.
In some cases, the lender may require that certain repairs be made before the loan can be approved, especially if the issues identified during the home inspection are significant. This is known as a repair contingency and may require the seller to make repairs or for the buyer to agree to make the repairs after the purchase.
Overall, while a home inspection may not be required by law when using a mortgage loan, it is highly recommended and often required by the lender to protect both the buyer and the lender’s investment in the property.
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