Closing Documents for Real Estate Transactions

CLOSING DOCUMENTS FOR REAL ESTATE TRANSACTIONS

Parties

Client Name:

Counterparty Name:

Property Identification

Transaction Summary

Purchase Price: $    Earnest Money Deposit: $

Closing Date:    Possession Date:

Closing Documents Checklist

The undersigned acknowledge delivery or preparation for delivery of the following documents to escrow/closing agent as applicable. Check each box when document is delivered/required.

Deed conveying title (appropriate form of deed)

Closing Statement / Settlement Statement (itemized charges and credits)

Title insurance commitment and owner’s policy

Mortgage / Deed of Trust and related loan documents

Assignment(s) and payoff statements for existing liens

Seller's Affidavit / Non-foreign status affidavit

Transfer tax declaration and transfer tax forms

Evidence of hazard insurance / lender required insurance

Closing Disclosure / HUD-1 (as applicable)

Disclosures and Certifications

Lead-Based Paint Disclosure: Yes    No

Known Mold or Hazardous Conditions: Yes    No

Prior Material Damage or Repair: Yes    No

Representations, Warranties and Conditions

Seller represents and warrants that, except as expressly disclosed in writing, the Property will be conveyed free and clear of all liens and encumbrances at closing, except those assumed by Buyer and those reflected in the title commitment. Seller further warrants authority to convey good and marketable title and to execute required affidavits. Buyer represents that funds for closing will be available as required and will deliver any lender-required documents.

Conditions to Closing include delivery of: (a) fully executed deed in recordable form, (b) executed settlement statement, (c) certificates required by lender and title company, (d) payoff and reconveyance documentation for any liens to be released, and (e) insurance binders or endorsements required by lender.

Adjustments, Prorations and Closing Costs

Taxes, assessments, rents, homeowner association charges, utilities and other customary items shall be pro-rated as of the Closing Date. Closing costs shall be allocated as set forth in the settlement statement. Any undisputed payments required to remove liens or encumbrances shall be funded at closing from escrow.

Escrow / Closing Agent Instructions

Recording, Delivery, and Post-Closing Obligations

Documents required to be recorded shall be delivered to the title company or recording officer by escrow. The party responsible for recording shall pay recording fees and ensure the recorded deed or mortgage is returned to the designated party. Post-closing obligations such as final meter readings, cancellations of utilities, and forwarding of mail shall be completed by the designated parties as set forth in the settlement statement or as otherwise agreed in writing.

Default, Remedies and Indemnity

If either party defaults in performance of the obligations required for closing, the non-defaulting party may pursue specific performance, damages, or other remedies available at law or in equity. The prevailing party in any dispute arising under this closing package is entitled to recover reasonable attorneys' fees and costs. Each party agrees to indemnify and hold the other harmless from claims arising out of the indemnifying party's breach of representations or failure to deliver required documents.

Governing Law and Entire Agreement

This collection of closing documents shall be governed by the laws of the state in which the Property is located. These documents, together with any written purchase agreement and escrow instructions incorporated by reference, constitute the entire agreement among the parties with respect to closing and supersede all prior agreements and understandings.

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