Sellers generally have less to do in order to fulfill their obligations in a real estate contract. Once the offer is accepted and attorney approval is confirmed, the attorney furnishes the buyers’ attorney with the proposed deed, tax receipts, survey (if available), information regarding current mortgages, and back title, etc. The seller then plays a waiting game until the contingencies are fulfilled and a closing date is set. Many times, a seller is buying another home so that everything that is discussed above for purchasers applies as well to the seller.
There are a number of documents sellers sign, either at or prior to closing, principally the P.C.D.S. form early on, then the new deed and tax forms together with title affidavits, smoke alarm affidavit, etc. If it is inconvenient for a seller to be at the closing, their attorney can arrange for execution of the documents ahead of time and will either deliver or send the net sale proceeds to the seller at his new location. Occasionally, it is necessary for sellers to execute a limited Power of Attorney to enable the attorney to execute disclosure documents at the closing. A Statement of Sale can often be faxed to sellers in advance so that they know prior to closing how much money will actually be received. The attorney will arrange for the payoff of existing mortgage(s) and payment of other closing related expenses, such as New York State transfer tax, realtor’s commission, attorney’s fees, etc.
Please see the information set forth above covering the Property Condition Disclosure Statement legislation enacted in 2002. A copy of the statutory form is attached to this booklet so that you can familiarize yourself with it.