Today we begin our two-part series on what to expect when you’re in contract.
What Sellers Should Expect
The time between contract and closing is a busy one for most NYC townhouse sellers. It often entails a significant time commitment.
We provide our sellers a checklist and advice to make the closing process simpler. Here are a few tips:
1) Make sure the utilities, the alarm company, and the insurance company are notified of the upcoming closing date and transfer all accounts to the new owner. Discontinue your phone, cable, and internet service.
2) If you do not plan on attending the closing in person, be sure to execute a Power of Attorney for your substitute.
3) Your attorney can help you figure out how much prior notice you must give your tenants. This can depend on the individual leases.
4) Collect all the necessary paperwork ahead of time so that you will be sure to have it with you at the closing. Alarm codes and information, all appliance instructions and warranties, recent water, oil, and gas bills, and (of course) the property keys are necessary on the big day!
Next time: What Townhouse Buyers Can Expect Between Contract and Closing
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