A.  INITIAL NEGOTIATION-The Buyer and Seller should discuss the:

1.  Purchase Price
2.  Down Payment Amount on Contract-The "Binder"
           Usually 10% of the sales price-Unless the Seller agrees to less
           Not necessarily related to the mortgage amount
3.  Mortgage Amount and Type-Conventional or other type of loan (VA, FHA, etc.))
4.  Closing Date- Typically ~ 60 days, but varies deal to deal.

Usually an approximate date unless otherwise agreed by parties.  Usually a closing can vary ~ 15-30 days from the stated date.

5.  Repairs to be performed-If any
6. Items Included and Excluded-Appliances, window treatments, light fixtures, etc.

Be clear as to what is excluded and not just what is included.  Many Buyers expect items to be included unless told notified otherwise (even if they are not mentioned as being included)

B.  TOWN APPROVAL INVESTIGATION-The Seller may wish to make sure that it has town approvals for all improvements (Permits and Certificates of Occupancy)

Approvals May be Needed Even if The Seller is Paying Property Taxes on an Improvement-The Tax Assessor is separate from the Building Department and may have an improvement on file that the Building Department doesn't have
Approvals May be Needed Even if The Seller Bought the Property That Way-If Town approval is missing, it doesn't matter that the Seller was unaware of it when it purchased the house.
Time is Saved- It can take time to get the approvals if they are needed. This process can be quick but sometimes may take a few months (especially if a "Variance" is required)
Sheds are a Common Issue-Many towns require approvals for sheds regardless of the type or size.  See Chart.  The problems is that sheds are usually close to the property lines and will require a "Variance" which can involve attending town meetings and getting approval from the neighbors.  Sometimes it is easier for the Seller to tell a Buyer that they will be taking the shed down (this should be discussed with the Buyer when the offer is made, not after contracts are signed).

A.  ORDER OF SIGNING

1.  Buyer Signs 1^st  and Provides a Down Payment Check

The Down Payment is Held in Escrow-As a result, the Seller will not have access to it until the Closing.

2.  Seller Signs 2^nd-Then the Deal is considered "firm"

A.  CLOSING DATE-Usually "on or about" a certain date. Usually a closing cannot be scheduled until all parties are ready.

It is an Approximate Date-Normally the parties cannot go more than 15-30 days outside of the date stated in the contract although the parties normally work together to close on a date which is convenient to all.
Avoid Firm Plans-The Seller should avoid making firm plans until notified of a date by it's Attorney

C.  ONCE THE CLOSING DATE IS ARRANGED

1.  Seller's Attorney Must be Given Mortgage Payoff Information-The Seller's Attorney will arrange for paying off any outstanding mortgages.  The Seller should provide the name and phone numbers of their bank(s) and the Sellers Social Security Numbers
2.  The Premises Must be Vacant Unless negotiate otherwise, the house must be vacant at the time of closing, broom clean and all rubbish removed.  The Buyer will be entitled to perform a "Walk through" inspection prior to the closing.
3.  Fuel Tank-If there is a fuel tank on the property, you will need your servicing company to do a tank reading within 10 days of the closing. This reading should state the amount of fuel remaining in the tank, the price per gallon and the total value of the fuel in the tank.
4.  Water Meter- If the premises are serviced by municipal water, then we will need to provide proof at the closing that all charges are paid up to date. This will require that the meter be read prior to closing. At the closing you will need to present the final bill or proof that same was paid in advance of the closing (bill stamped "PAID" by municipality).

D.  WHAT TO BRING TO THE CLOSING-Unless the Seller is told otherwise by its Attorney

1.  Fuel Reading- See Above
2.  Paid Water Receipt-See Above
3.  Proof of Repairs-If any
4.  Drivers License-Or other valid picture ID
5.  Keys and Garage Door Openers

E.  AT THE CLOSING

1.  Seller Provides a Deed to the Purchaser-This is the transfer of ownership
2.  Seller's Mortgages and Other Liens are Cleared
3.  Seller Receives Net Proceeds-The Seller's costs will be paid and the Seller will be given the balance.
4.  Keys are Given to the Buyer