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purchase closing checklist

Pre-Closing

Confirm receipt of all required closing documents from the seller's attorney.

Review and analyze the title commitment and survey.

Conduct due diligence on the property, including reviewing leases, contracts, and any other relevant documents.

Obtain and review any necessary governmental approvals or permits.

Confirm that all closing conditions outlined in the purchase agreement have been satisfied.

Prepare the closing checklist and distribute it to all relevant parties.

Closing Documents

Prepare or review the deed and other necessary conveyancing documents.

Prepare or review the bill of sale for personal property, if applicable.

Prepare or review any financing documents, such as promissory notes or mortgages.

Review and negotiate any escrow agreements or agreements with third parties involved in the transaction.

Prepare or review any required affidavits or certificates.

Ensure all necessary signatures and notarizations are obtained on the closing documents.

Closing Funds

Confirm the total amount due at closing, including the purchase price, closing costs, and any adjustments.

Coordinate with the buyer's lender, if applicable, to ensure timely receipt of loan funds.

Prepare or review the closing statement, detailing the allocation of funds.

Arrange for the buyer's funds to be delivered to the closing agent.

Confirm the seller's satisfaction of any outstanding liens or mortgages on the property.

Coordinate with the title company or closing agent to ensure proper disbursement of funds.

Recording and Post-Closing

Ensure all necessary documents are properly recorded with the appropriate governmental authorities.

Obtain copies of all recorded documents and distribute them to the buyer, seller, and any other relevant parties.

Confirm the transfer of ownership with the applicable county recorder's office.

Notify the buyer's lender, if applicable, of the successful closing and transfer of ownership.

Coordinate any post-closing matters, such as obtaining insurance policies or executing lease assignments.

Prepare and distribute closing memoranda or summaries to all relevant parties.

It's important to note that this checklist may vary depending on the specific requirements and practices of each law firm. Additionally, it's recommended to consult with legal professionals and adapt the checklist to the particular circumstances of each purchase closing.

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