Craig A. Fine explains why title records, payoff information, permits and transaction documents should be organized early
A Staten Island seller can reduce avoidable closing delays by preparing the legal and property record before the buyer’s attorney begins asking questions. Craig A. Fine works with sellers on contract and closing matters, including the documents and title issues that can affect the transfer.
The seller’s file should be assembled early
The deed, prior title policy or survey, mortgage information, property tax records and available permits can help counsel understand what must be addressed. If the property was inherited, held in an entity, affected by a divorce or owned by more than one person, authority to sell may require additional documentation.
Questions and documents to review
- Current deed and ownership information
- Mortgage, lien and payoff details
- Survey, title policy and prior closing records
- Permits, certificates and information about alterations
- Tenant, occupancy or possession arrangements
- Agreed repairs, credits, fixtures and personal property
The contract should reflect what the seller can deliver
A seller should not promise a condition, closing date or item that cannot be delivered. The agreement should address access, inspections, risk of loss, title obligations, included property and what happens if a problem is discovered. Accurate terms make it easier to coordinate the buyer, lender, title professionals and closing documents.
Title and municipal questions may take time
Recorded liens, old mortgages, judgments, estate issues or discrepancies in property records may require follow-up. Open permits or changes to the property can also raise questions. Identifying these concerns early gives the seller and counsel more time to determine what can be corrected, documented, paid or otherwise resolved before closing.
Every matter depends on the documents, parties, property or business involved, applicable law and timing. A reader should use this article to identify questions and organize information—not to decide a transaction or dispute without advice based on the actual facts.
Frequently asked questions
When should a seller contact an attorney?
Early involvement allows time to organize the transaction and review proposed terms before the seller becomes bound.
Why is payoff information important?
Existing secured obligations commonly must be addressed as part of delivering title and calculating closing proceeds.
What if the seller no longer has an old survey?
Counsel can discuss what records are available and whether the transaction requires updated information.
Related articles by Craig A. Fine
- Real Estate Attorney Craig A. Fine Guides Staten Island Home Buyers Through Contract Review
- Title and Closing Issues Staten Island Buyers Should Not Leave Until the Final Week
- Read The Fine Line Blog
- About Craig A. Fine on The Fine Line Blog
Speak with The Law Office of Craig A. Fine, P.C.
Readers can review the firm’s relevant legal services, confirm Craig’s background through his official attorney biography, or contact the firm to discuss a specific matter. Sending information or requesting a consultation does not by itself create an attorney-client relationship.
Attorney Advertising. This article is general information and not legal advice. Reading it or following a link does not create an attorney-client relationship. Representation begins only after conflicts and scope are reviewed and a written engagement is completed. Prior results do not guarantee a similar outcome. Final publication requires attorney review for accuracy and jurisdiction-specific statements.
About the Firm
The Law Office of Craig A. Fine, P.C. provides legal services involving real estate, business law, landlord-tenant matters, commercial litigation, wills, trusts and estate planning. The firm serves clients in New York, New Jersey and Florida.
About Craig A. Fine
Craig A. Fine, Esq. is the founder and managing partner of The Law Office of Craig A. Fine, P.C. His official biography identifies him as an attorney licensed in New York, New Jersey and Florida who has served clients since 2007. He is also the author of The Fine Line Blog.
Connect with Craig A. Fine
Craig A. Fine, Esq.
Attorney and founder of The Law Office of Craig A. Fine, P.C., licensed in New York, New Jersey and Florida. Contributor covering residential and commercial real estate, business law, contracts, landlord-tenant matters, litigation, wills, trusts and estate planning.
