Seller and buyer responsibilities in a real estate transaction

As the transaction continues to move towards the closing date, the buyers and sellers are pretty much working out from two different lists. You've got the buyers that are working with their lender to clear the lender conditions for their new mortgage, and you've got the seller that's working really off the title commitment for all the requirements that need to be cleared. So you've got the seller looking for the payoff of their mortgage. They've got to contact their bank let their bank know we're selling the house and I need a payoff amount the exact amount that's going to be owed on the date of closing. So your statement from your bank isn't going to work. I need a statement from the bank that says you send us this much money, then we will release our mortgage and there's a number of other requirements. There might be other liens. There might be other charges. It just depends. 

Yes and likewise for buyers. They would have applied for the loan and the next phase is as they're as the lender is quote unquote underwriting the loan. They're going to ask for a multitude of different things. I need pay stubs. I need a few years of W2s. I need bank statements. I need to make sure where EMD is coming from that you put down on the house. I got to make sure that you've got enough economic wherewithal to make sure that the payments will be made from an income and debt ratio perspective — a multitude of different things. But there's a lot of confusion around title requirements versus lender conditions. Like you said title requirements are mostly seller driven.

Right, but the key is regardless of if you're the seller responding to a requirement or you're the buyer addressing a lender condition just do it promptly, do it quickly so we can continue to move everyone down a path towards a smooth and timely closing. We always want everybody to avoid as many life-changing things as possible during this process. We oftentimes get buyers that are getting ready to close their loan and the lender finds out the day before closing. They quit their job. That's going to throw monkey wrenches. So, we try to avoid major life events during this process. Or they buy the big Yukon or whatever. Just wait until after close wait to do anything until after close. Don't even get a dog.