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Provide detailed closing information. Allocate closing costs. State the date of possession.
The contract should contain a provision that explains how and where the sale of the property will be finalized. This information should include the time period within which the closing of the sale should occur. A common provision is for the sale to close within 60 days of the signing of the contract. Closings often occur at title company offices, but also may occur at an attorney's office or a bank. Another contract provision should set forth the payment of necessary costs of closing, which are allocated as agreed between the parties. One potential cost is for deed preparation and recording. A deed is the document that formally transfers ownership of the property from seller to buyer. In most states, a deed must be recorded with a certain local government office in order to be put into effect. The contract should also address the payment of closing costs, which can be paid by one party or both parties. There also should be a provision that addresses the payment for a title insurance policy. Title insurance ensures that the property is being transferred free of any liens, encumbrances, or claims to ownership by third parties. A typical FSBO contract provision that addresses closing costs is as follows: "Seller shall pay at closing all costs related to the release of any mortgage on the property, delinquent real estate taxes, and outstanding mechanic's liens." Another way to address different types of closing costs is as follows: "Buyer shall be responsible for the payment of any title insurance policy and survey performed of the property. Buyer also shall bear the costs of preparing and recording the deed and any mortgage secured by the property that is the subject of this agreement." While possession of the property does occur at closing in some cases, many contracts provide that possession of the property occurs at a later date following closing. For instance, a contract might provide for the buyer to take possession of the property 30 days after closing.