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Seller's Role in Closing
Information for Sellers
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Commonly Asked Questions and Answers For Buyers and Sellers
by Cathy Baker
Attorney at Law
Cleveland, Ohio
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The Sellers’ Role in Closing
When closing a real estate transaction each party needs to bring with him/her all of the documents or funds necessary to close the deal. The seller or sellers will generally have the following items for the closing.
Executed Deed. The seller needs to execute the deed by signing the deed. This symbolizes the transfer of something the seller/grantor has (the title) to the buyer/grantee.
A document showing that the seller has title to the property:
The following can function as evidence that the seller’s title is as good as he/she says it is: abstract of title; certificate of title and seller’s affidavit of title; attorney’s opinion letter; title guarantee; owner’s fee policy of title insurance.
Payoff Statement. A statement from the seller’s mortgage lender showing exactly how much is owed as of the date of closing.
Real Property Tax Receipt. A receipt or some other evidence that the local real estate property taxes have been paid up to a certain date.
Insurance. Some documentation showing that the seller has made the payments necessary to have insurance coverage of the property through closing.
Any certificates of compliance with all relevant local realty inspections and codes. Also, any agreements that the purchaser has signed that states he/she will be responsible for any repairs to bring the property up to code.
Executed Easements. An easement is a right that property owner has to some use of the usually adjoining property. The executed easements would be from neighboring realty owners onto whose realty portions of the seller’s property encroach. For example, a common driveway, overhanging eaves and gutters, etc….
Affidavit of Title. A document that is executed and sworn to by the seller that he/she has not done anything, or no of anything, to affect the title.
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