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A Closing Checklist
house isn't sold until it's really sold.
Just because you've found a buyer who's agreed to purchase your old house, don't assume that the deal's done. Many deals have fallen through right up to, and even after the closing.
Here's a no-sweat guide to sailing through the period between accepting an offer and the actual closing.
After you accept an offer, keep on your seller's hat
Make sure that your home stays as fresh and inviting as in the days before you accepted an offer. Insist that the broker keep the house listed under "contract pending," just in case the deal collapses. (For instance, the buyer is turned down for a mortgage.) If you can wait, don't start packing. You'll look desperate to new prospects, if you have to put the house back on the market.
Keep the process going
Speed almost always favors the seller. If the buyer is not nearby, use overnight mail or messengers for all correspondence. I have known cases where regular mail killed the deal. It took so long for the contract to arrive that the buyer found another place.
Theoretically, a contract can be signed within two days of agreeing on a price. Most take two weeks.
Lay out all the terms clearly
Make sure you communicate, with precision, the non-monetary terms of the contract that suit you.
Put in writing, for yours or your lawyer's eyes only, the following terms. (Include what you want, what you'll accept and whether a term is a deal point.)
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Inspections Insist that the buyer complete an inspection within 10 days after signing the contract, and include the clause in the agreement.
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Mortgage terms If there is a mortgage contingency clause, keep it tight. Give 30 days to file and complete the procedure. Reserve the right to cancel the contract or extend in writing, if the buyers are turned down.
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Amenities These are the antiques or special built-in bookshelves or decorative additions that set your place apart. You may think, understandably, that you deserve a premium for these perks. Be smart. Give it up.
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Closing dates This is the most overlooked and potentially aggravating clause for sellers. Be sure there is a definite date, place and time set for the closing and written into the contract. Use a "time is of the essence clause" if you can get it. Under that provision, both buyer and seller must pay a $50 (or other per-diem) penalty, if the closing is delayed due to their fault or their bank's fault or attorney, etc. I once had a lawyer postpone a closing because his psychic told him it was a bad day. The psychic was right. I fired the lawyer.
Keep it in escrow
Escrow is a trust arrangement that allows either side to put money or even the trust deed into legal limbo. It plays a pivotal role in real estate deals because it permits a closing to go through even if there are a few unresolved issues. For example, the taxes may have to be prorated and the exact amount is not known. Or the buyers insist on holding back money until they receive a discharge of lien that your creditor was late in sending. The broker, or either attorney can hold money and even the deed itself, in escrow.
Be ready to deliver a clear title
Title insurance assures the buyers that the property will pass to them free and clear of any liens or charges incurred by the seller. It also assures them that the seller is the true and exclusive owner. If the title is bad, the title company pays not the buyer.
That means title companies have become very proficient at finding any credit problems or financial judgments still pending against potential sellers. If you know of any liens or judgments still outstanding against you, don't expect to get away with them. Pay them or reveal your intent to pay by having the buyer's attorney cut checks in the proper amounts at the closing.
Try to improve your credit even before you put your house on the market. If you're in trouble, negotiate the debt down, so at closing you won't be forced to pay the entire amount.
Taxes can come back to haunt you
Keep all records of improvements, sales costs and real estate taxes. Above all, get a complete closing statement of all checks that changed hands, before and after the closing. (This usually comes from your attorney three weeks after the closing.) Keep these records forever. Even your heirs may need them, if you leave them a house in the future.
Remember: A home isn't sold until you've actually got the cash. 
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