At a closing, what’s a real estate agent to do?

A closing that went smoothly for the buyer I represented.

When I go to a closing here in New York, most of the time I have nothing to do.

While doing nothing is boring, it’s also a good thing.  It generally means that the closing is going well.

But sometimes Continue reading

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Be sure to nail down what’s nailed down–and isn’t

 

(Flickr photo by K. W. Sanders)

Comes the traditional walk-through inspection just prior to closing and careless buyers may be in for unpleasant surprises.

Not just a leaky pipe. Or a pile of trash, a stove that doesn’t work or water that won’t flow from a faucet.

Each of those eventualities can and does occur. Each can be remedied at closing. However, another one can make for a tempest at the table. Continue reading

PSO is an acronym some buyers better learn

Post-settlement occupancy can result in an unwelcome tug-o'-war between seller and buyer. (Flickr photo by tj.blackwell)

The technical term is post-settlement occupancy, or PSO.

In all those syllables is a basic situation: Sellers remain in the property after the buyers complete the purchase. Ownership has changed, but occupancy has not. Yet. (It is the opposite of another kind of PSO–pre-settlement occupancy, about which I wrote a couple of weeks ago.)

You easily can imagine some of the reasons that sellers might make the request, e.g.: Continue reading

There is nothing like a closing. Thankfully.

The truth is I hate closings, which are as ritualized as a religious service.

They never start on time. A key individual always is late. The amount of paperwork is oppressive, and the time taken for lawyerly explanations and writing signatures drags as slowly as a dial-up connection.

Photo by Orin Zebest

What brings up this topic is the closing I attended yesterday. I always go to see a transaction through to its conclusion and provide whatever comfort I can to invariably anxious clients.

Along with the buyer, whom I was not representing, I arrived 10 minutes early. The two of us sat in a downtown law office’s reception room with only five seats for the nine of us and anyone else who had business with the firm.

The buyer and I chatted while the other participants straggled in, wet as they were from the wind-whipped snow.

Finally, we were admitted into a conference room and took seats. Continue reading