Because the list is long, you can understand why it's best to collect the papers before the listing appointment. A letter signed by the home seller and mailed to the lender by the listing broker to notify the lender of the intention to pay off the mortgage in order to minimize prepayment of interest penalties to the seller. Well and Septic Inspection. Listing broker will usually arrange after contract is ratified. Order Lender Appraisal.
Lenders usually require an appraisal to assure that the property is adequate collateral for a loan.
Listing broker will ask home seller if any tax assessments or easements exist on property that must be paid or included in purchase contract and passed with the land when sold. Home seller provides record of property tax or condominium fee payments which buyer will reimburse a pro-rata share to home seller at settlement. Sometimes a home inspection and radon testing will be ordered. Home seller should also provide all information as to the physical condition of the property, such as the presence of fire retardant plywood. Home seller should provide record of past 12 months utility bills, including gas, electric, sewer, water, and trash where applicable.