Seller Information

IMPORTANT INFORMATION REGARDING YOUR CLOSING (SELLERS)

If our office has been asked to act as settlement agent in the closing of the real estate you are selling, there are some matters that we will require your assistance with in order to expedite the transaction and prevent delays or extra costs to you. They are listed below. Please also remember that you must bring a valid drivers license or passport with you to closing for proper identification. The closing cannot take place if you do not have this identification with you. In order to ensure a smooth closing, we would like to make you aware of the following information.

1. MORTGAGES:
If your property is presently mortgaged, the mortgage(s) will be paid off at the time of closing using proceeds from the sale, if any. You will need to fill out a form and return it to us right away so we may contact the mortgagee(s) and make the necessary arrangements for payment. This is very important and requires your immediate attention. After your mortgage(s) has been paid in full, the banks will send us discharges which we will record at the Registry of Deeds. In the event there is a non-institutional mortgage (i.e. one given to a private individual, trust or corporation as opposed to a bank or mortgage company), we will require that the payoff amount be furnished to us before the closing and a discharge be delivered at or before the closing. UNFORTUNATELY, THERE CAN BE NO EXCEPTION IN THIS REGARD. If you are uncertain about whether an outstanding loan is held by a private lender, please contact our office or have your attorney do so. The obligation to furnish a discharge at closing applies also to outstanding attachments or other liens, if any.

2. ELECTRICITY, WATER, SEWER, and FUEL:
If your electricity is provided by a municipal light plant, you must bring with you a final electric reading. Similarly, your fuel oil readings (if your property is not a condominium).

3. EXPENSES:
You will also be required to pay for New Hampshire Real Estate Transfer stamps, the LCHIP fee ($25 per discharge) recording & tracking fees to discharge mortgages and other liens and, where appropriate, to pay these items from the proceeds of the sale.

4. POWER OF ATTORNEY:
If there is a power of attorney involved, please send our office a copy of the Power of Attorney document prior to the closing. Our office can prepare and facilitate this, but the use of the power of attorney will have to be approved by our client(the Lender). If prepared independently , the form and content thereof must be reviewed by our office. In any event, the deed transferring title from you to the buyer must be signed by you in the original and notarized.

5. CONDOMINIUM UNITS:
If the transaction involves a condominium unit, you are required to provide an estoppal certificate or certificate of good standing. Our office can obtain this on your behalf, but we may require additional information to secure the final copy. This certificate is obtained from the organization of unit owners and states the unpaid common expenses which have been assessed to the unit owner.

6. SALE PROCEEDS:
Please advise us in advance if you require certified funds to be provided at the time of closing. Generally this would be required if you are using a portion of the proceeds to close on another transaction. There is an additional fee of $35 for the acquisition of certified funds.

7. TRUST OWNERSHIP:
If this property is owned by a trust, our office also requires a Trustee's Certificate. This certificate should state that the trust has not been terminated, amended or revoked; that the trustee(s) are the same and they have not resigned; and that so far as may be required by the beneficiaries, they have assented to the transaction and that they are of legal age and competent. In addition, the statement should be acknowledged before a notary public and be in the form suitable for recording. We can prepare such a certificate at a nominal charge if you request us to do so.

8. FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT OF 1980 AS AMENDED:
This Federal Law places special requirements for tax reporting and withholding on the parties to a real estate transaction under certain circumstances as set forth in the law. You should seek the advice of your attorney or accountant concerning the effect of this Act on this transaction. You will be required to execute a copy of the enclosed certification under penalty of perjury at the closing. If you do not plan on attending the closing, please be sure that your attorney or agent delivers the fully completed and executed copy of the affidavit along with the deed. The closing agent for the company cannot and will not provide information, advice or opinions regarding the Act's applicability to you or to this transaction.

9. FEDERAL TAX LAWS:
Since January 1, 1986, Federal Law requires the closing agent to report the proceeds of the transaction to the Internal Revenue Service. Therefore, you will need to complete an INTERNAL REVENUE SERVICE 1099S REPORTING FORM at closing.