and your insurance company as soon as a contract is signed. Find out how many days' lead time they require to switch or cancel, then get back with them when you have a firm closing date. Regarding insurance, different jurisdictions handle the deed recordation differently. For example, Maryland disburses at the table and the deed is recorded the same day. In Virginia, title is "brought down" before recordation; thus, disbursement occurs a day or two after settlement. Some contracts refer to “date of deed recordation” as the transfer of ownership. Know exactly when your deed is recorded, and you no longer have obligation for the property. Keep your hazard insurance in force accordingly. Discuss with your insurance agent and with your settlement agent/attorney before cancelling your policy. You can imagine what can happen in the event of a fire before the deed is recorded while the seller had cancelled their policy too early.
Letting Emotions Take Over
Keep calm throughout the selling process, especially during and after inspections. Be practical and expect that issues will arise. It is not uncommon to be asked to make some repairs. Do not let the buyer's request to complete repair(s) kill your deal. Emotional reactions during negotiations often lead to poor decisions that cost significantly more than the concessions being requested. Maintaining emotional objectivity becomes even more critical during negotiations (Chapter 13), where professional representation often provides valuable distance between parties (Chapter 15).
Committing to Repairs
On the other hand, do not commit to fixing anything in advance
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