Thank you for choosing Ohly Law Office to represent you in the sale of your home. Now that you and your buyer have signed a purchase agreement, several things need to occur prior to closing.
- Your Abstract must be updated* – If your property has an abstract, it must be updated prior to closing. This can take some time to complete, especially for property located outside of Olmsted County, so please deliver your abstract to our office as soon as possible.
*Not all property in Rochester is abstract property. Some property is Registered land, and abstracts are not necessary to transfer Registered Land. If you are unsure whether your property is abstract or Registered, please call us and we will let you know.
- Loan Payoffs must be ordered* – If there are loans on your property they must be paid off at closing. To do this we need to order payoff statements from your lenders. Please provide:
- Social Security numbers
- Loan Numbers, and a recent statement (if available)
- Please sign the attached form requesting your lender to provide a payoff and close the account.
*Loan payoffs are generally ordered one to two weeks prior to closing. Your payoff will be sent out the day of closing. If you make a payment very close to the closing date, a new payoff may need to be ordered resulting in additional fax charges assessed by your lender.
- You must sign the Sale Documents ¬– If your buyers are NOT closing at our office, you will need to make an appointment to sign your documents prior to closing. If your buyers are closing at our office you will sign your documents after your buyer’s loan closing. If you are not sure where your buyers are closing, please call us.
Once you sign the sale documents, they will be exchanged for your buyer’s purchase money on the date of closing. A check for your proceeds, after loan payoffs and closing costs, will be available shortly after closing. You may pick this check up at our office, have it mailed to you, or if you leave a deposit ticket for a local bank, we can deposit the funds for you. We thank you again for the opportunity to be of service.