Often, the Realtors involved in the sale help take care of these arrangements. But the buyer and seller are ultimately responsible for attending to these details. Here are the basics:
Seller's Responsibilities
The seller and listing agent work together to arrange inspections and appraisals and to provide needed paperwork such as a housing plat map, previous title insurance information and any prior inspections.
Give loan payoff notice
The sellers also need to check with their lender to get up-to-date figures for the payoff of the mortgage, and to learn if any rebates are due for pre-paid taxes or insurance.
Joint Responsibilities
Stay on top of details. Both the buyer and seller need to give the settlement agent all pertinent information requested. And, since many long and detailed forms are usually signed at settlement, consider requesting copies of the basic settlement forms several days in advance to pre-read them if practical. The focus at the settlement table is on checking the exact figures to be sure they are accurate.
Designate legal representative
If either the buyers or sellers cannot come to closing, they should notify the settlement agent well in advance so a Power of Attorney form can be prepared. The person named on the form can act as the signer's legal representative.
Once all the papers are signed and money paid, the keys are handed over to the buyer and the sale is complete.
