Real Estate Closing Memorandum

REAL ESTATE CLOSING MEMORANDUM

Parties

Seller Name:   Phone:

Buyer Name:   Phone:

Property Identification

Parcel / APN:   County:

Transaction Summary

Purchase Price: $   Earnest Money: $

Closing Date:   Possession Date:

Financing & Title

Financing: Cash Purchase    Purchase Subject to Loan

Title to be conveyed by:   Title Policy:

Closing Figures & Adjustments

Property Tax Proration:   HOA / Dues Proration:

Documents & Deliverables

The following documents shall be delivered at or prior to closing (check when delivered):

Recorded Deed    Bill of Sale    Seller Affidavit / No Liens

Final Closing Statement    Title Insurance Policy    Survey / Plat (if required)

Keys and Access Devices    HOA Estoppel Certificates

Representations, Covenants and Warranties

Seller represents and warrants that, except as expressly disclosed in writing to Buyer, Seller has fee simple title to the Property free and clear of undisclosed liens, there are no pending actions affecting title or use of the Property, and Seller has the authority to convey marketable title at closing. Buyer represents that Buyer has the authority to accept the conveyance and to perform the obligations under this memorandum.

Disclosures

Lead-Based Paint Disclosure: Yes No

Known Environmental Conditions: Yes No

Material Structural Defects: Yes No

Closing Conditions and Clearances

The following conditions must be satisfied or waived prior to closing:

Title cleared of liens and encumbrances:   Payment or escrow for payoff of existing loans:

Delivery of required affidavits and estoppel certificates:   Release of any pending liens or judgments:

Taxes, Assessments and Prorations

Property taxes will be prorated on an accrual basis through the closing date unless otherwise agreed. Special assessments and utilities will be prorated and adjusted in the final closing statement.

Tax Year:   Proration Method:

Default, Remedies and Indemnities

If either party fails to perform and such failure is not cured within the time specified in the purchase documents, the non-defaulting party may pursue all remedies available at law or in equity, including specific performance, damages, and recovery of costs and reasonable attorneys’ fees incurred in enforcing rights under this transaction.

Each party agrees to indemnify and hold harmless the other party from liabilities arising from breach of representations or from acts or omissions occurring prior to the date of closing, except as otherwise provided in the closing documents.

Governing Law; Entire Agreement

This Closing Memorandum shall be governed by and construed in accordance with the laws of the state in which the Property is located. This memorandum memorializes the parties' agreement as to the principal terms and closing deliverables; it is intended to be binding upon the parties and is part of the transaction documents. This memorandum, together with the executed purchase agreement and related closing documents, constitutes the entire agreement concerning the transaction and supersedes prior understandings with respect to the matters contained herein.

Additional Notes / Special Provisions

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