Broker Reactivation-CLOSING PROVISIONS (Sections 12

CLOSING PROVISIONS (Sections 12 - 17 of the CBS1)

Pdf Summary

Sections 12-17 of the CBS1 Contract outline the closing provisions for a real estate transaction. <br /><br />Section 12 discusses the preparation and delivery of closing documents. Both the buyer and seller must cooperate with the closing company to provide any necessary information and sign all required documents. <br /><br />Section 13 specifies that the seller must transfer a good and sufficient deed to the buyer at closing. The type of deed to be used can be specified in this section, with the special warranty deed being the default option. <br /><br />Section 14 states that any outstanding liens or encumbrances on the property will be paid off by the seller before or at the time of closing, unless agreed to otherwise in writing by the buyer. <br /><br />Section 15 covers the payment of closing costs, fees, and taxes. Each party is responsible for paying their respective closing costs, unless the buyer's loan prohibits them from doing so, in which case the seller must cover those costs. Various fees, such as association fees and utility transfer fees, may also be paid at closing. <br /><br />Section 16 addresses prorations and association assessments. Certain expenses, such as property taxes and rents, will be prorated to the closing date. Association assessments will be credited to the seller at closing, but any special assessments for improvements installed before or after the closing date will be the seller's responsibility. <br /><br />Section 17 covers possession of the property. The seller must deliver possession to the buyer on the possession date, subject to any existing leases or post-closing occupancy agreements. If the seller fails to deliver possession as agreed, they may be subject to eviction and additional liability to the buyer. The buyer is also asked to specify if they will be occupying the property as their principal residence, and if not, a post-closing occupancy agreement may be executed.

Keywords

closing provisions

real estate transaction

closing documents

deed transfer

closing costs

association fees

prorations

possession of the property

existing leases

post-closing occupancy agreement