Miami Real Estate Closing: The Seller
Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Closing on Miami Real Estate and other Miami Real Estate topics.
What is the seller responsible for in a Miami real estate transaction?
When you are under contract and ready to sit at the closing table, you should really know your responsibilities and be prepared. The seller in a Miami real estate transaction is responsible for:
- Clearing the Title - This means the seller must make sure the property is free of any encumbrances prior to closing. This can include, mortgages, second mortgages, liens, judgements or any issues with the "Chain of Title."
- They are responsible for leaving the house in broom clean condition and in meeting any conditions set out by the Purchase and Sale agreement.
- They are responsible for paying up to the closing date all utilities, water bills and taxes on the property.
- At the closing title they must sign the deed over and sign various disclosures about issues like Lead Paint, Urea, Radon etc.
- They also need to sign the HUD which is basically a spreadsheet outlining all of the fees and dispersals related to the sale of the home.
Nobody has commented on this tip yet. Be the first.