Toolkit · Real Estate
The Residential Purchase and Closing Toolkit
15 U.S.C. § 1601
- Type
- Toolkit
- Jurisdiction
- National
- Date
- 2024-02-25
- Topic
- Real Estate
This toolkit collects the working documents for a residential purchase or sale. It includes the deadline tracker built the hour the contract is signed, the inspection order list with the specialized inspections most buyers skip, the one-page objection letter that actually gets resolved, and the title commitment review worksheet centered on Schedule B-II. It continues with the three-lender Loan Estimate comparison, the Closing Disclosure tolerance worksheet and the cure demand letter, the walk-through form, and the wire fraud verification protocol. It adds the post-closing occupancy agreement and escrow holdback that keep a deal alive when something is not finished, the post-closing confirmation letters, and a seller disclosure worksheet. It closes with an authority reference table and a routing table to the rest of the corpus.
The Residential Purchase and Closing Toolkit
Real Estate > Buying and Selling a Home | Published 25 February 2024 - Updated 17 February 2025 | UpLaw - uplaw.us
⚠ Forms, disclosure duties, and closing practice are state and county law. Adapt every document here to your own contract and jurisdiction.
Tool 1 — The deadline tracker
⭐ Build this in the first hour. Every right in this transaction expires on a date.
| Milestone | Contract § | Days | My date | Reminder set | Done |
|---|---|---|---|---|---|
| Contract accepted | 0 | — | ☐ | ||
| Earnest money delivered | ☐ | ☐ | |||
| Seller disclosures received | ☐ | ☐ | |||
| Lead disclosure + 10-day opportunity | ☐ | ☐ | |||
| Loan application submitted | ☐ | ☐ | |||
| Loan Estimate received | 3 bus. | ☐ | ☐ | ||
| Inspection completed | ☐ | ☐ | |||
| Inspection objection | ☐ | ☐ | |||
| Repair resolution | ☐ | ☐ | |||
| Appraisal completed | ☐ | ☐ | |||
| Appraisal objection | ☐ | ☐ | |||
| Title commitment delivered | ☐ | ☐ | |||
| Survey delivered | ☐ | ☐ | |||
| Title objection | ☐ | ☐ | |||
| Financing contingency expires | ☐ | ☐ | |||
| Insurance bound | ☐ | ☐ | |||
| Closing Disclosure received | 3 bus. | ☐ | ☐ | ||
| Walk-through | ☐ | ☐ | |||
| Closing | ☐ | ☐ | |||
| Recording confirmed | ☐ | ☐ |
☐ Calendar days or business days? ______ ☐ Weekends and holidays counted? ______ ☐ ⚠ "Time is of the essence" clause present? ______ — where it is, a missed date is a breach.
Tool 2 — Inspection order list
| Inspection | Order? | Scheduled | Cost | Result |
|---|---|---|---|---|
| General home inspection | ☐ | |||
| ⭐ Sewer scope (any home 40+ years, or mature trees) | ☐ | |||
| Termite / wood-destroying organisms | ☐ | |||
| Radon | ☐ | |||
| Chimney and fireplace | ☐ | |||
| Well — flow and water quality | ☐ | |||
| Septic — load and tank | ☐ | |||
| Mold / moisture | ☐ | |||
| Structural engineer | ☐ | |||
| Lead-based paint risk assessment (pre-1978) | ☐ | |||
| Asbestos (pre-1980) | ☐ | |||
| Pool / spa | ☐ | |||
| Roof specialist | ☐ | |||
| Permit search at the municipality | ☐ |
☐ Attend the general inspection. ⭐ The verbal walkthrough is worth more than the report. ☐ Ask the inspector to rank findings: safety, structure, systems, water. ☐ Get contractor estimates before the objection deadline.
Tool 3 — The inspection objection letter
Re: [Property] · Contract dated [____] · Inspection objection
Pursuant to Section [___], Buyer objects to the following conditions disclosed by the inspection completed [date]. Report and estimates attached.
# Condition Category Report p. Estimate 1 Safety $ 2 Structure $ 3 Systems $ 4 Water $ Total $ Buyer requests a closing credit of $[____] in lieu of repairs. In the alternative, Buyer will accept completion of items [___] by a licensed contractor, with receipts and permits delivered not less than three days before closing, and a re-inspection at Buyer's expense.
Please respond in writing by [date] as the contract requires.
⭐ One page. Four categories. Estimates attached. A specific number. ⚠ Never forward the full report with "please fix everything."
Tool 4 — Title commitment review worksheet
| Schedule A | Finding | OK |
|---|---|---|
| Legal description matches contract and survey | ☐ | |
| Record owner matches seller | ☐ | |
| Policy amount = purchase price | ☐ | |
| Estate insured (fee simple?) | ☐ |
| Schedule B-I — Requirements | Will be satisfied at closing? |
|---|---|
| Existing mortgage released | ☐ |
| All record owners signing | ☐ |
| Estate / trust / divorce authority documented | ☐ |
| Taxes and assessments current | ☐ |
| Mechanic's lien affidavit obtained | ☐ |
| ⭐ Schedule B-II — Exceptions | Document ordered | Acceptable |
|---|---|---|
| Utility easements | ☐ | ☐ |
| Access easements benefiting others | ☐ | ☐ |
| Drainage easements | ☐ | ☐ |
| Covenants — fences, outbuildings, vehicles, rentals, exterior | ☐ | ☐ |
| Mineral / water rights severed — ⚠ surface entry? | ☐ | ☐ |
| General survey exception | ☐ | ☐ |
| Noted encroachments | ☐ | ☐ |
| HOA assessment lien | ☐ | ☐ |
| Leases or rights of parties in possession | ☐ | ☐ |
☐ ⭐ Owner's policy ordered. ⚠ The lender's policy protects the lender, not you. ☐ Enhanced policy priced and compared. ☐ Survey ordered, or existing survey accepted with a no-change affidavit. ☐ ⚠ Every "not acceptable" becomes a title objection, and the deadline is short.
Tool 5 — Three-lender Loan Estimate comparison
⭐ Request all three on the same day. The forms are standardized precisely so this comparison is possible, and the spread is routinely thousands of dollars.
| Lender A | Lender B | Lender C | |
|---|---|---|---|
| Loan amount | |||
| Interest rate | |||
| APR | |||
| Rate lock expiration | |||
| Monthly principal and interest | |||
| Mortgage insurance | |||
| Estimated escrow | |||
| Total monthly payment | |||
| Origination charges | |||
| Points (and cost) | |||
| Services you cannot shop for | |||
| Services you can shop for | |||
| Title — lender's policy | |||
| Title — settlement fee | |||
| Recording fees and taxes | |||
| Prepaids | |||
| Initial escrow deposit | |||
| Total closing costs | |||
| Cash to close | |||
| Lender credits | |||
| Prepayment penalty | ☐ | ☐ | ☐ |
| Balloon payment | ☐ | ☐ | ☐ |
| Originator NMLS ID — verified | ☐ | ☐ | ☐ |
☐ Disclosure timing and content are governed by 15 U.S.C. § 1601, 15 U.S.C. § 1638, and 12 C.F.R. part 1026. ☐ Originator licensing — 12 U.S.C. § 5101. ☐ ⚠ Compare APR, not just rate. A lower rate bought with points is not always cheaper.
Tool 6 — Closing Disclosure tolerance worksheet and cure demand
| Charge | Loan Estimate | Closing Disclosure | Δ | Tolerance | Cure? |
|---|---|---|---|---|---|
| Origination | $ | $ | $ | ⚠ Zero | ☐ |
| Points | $ | $ | $ | ⚠ Zero | ☐ |
| Application | $ | $ | $ | ⚠ Zero | ☐ |
| Underwriting | $ | $ | $ | ⚠ Zero | ☐ |
| Appraisal | $ | $ | $ | ⚠ Zero | ☐ |
| Credit report | $ | $ | $ | ⚠ Zero | ☐ |
| Flood determination | $ | $ | $ | ⚠ Zero | ☐ |
| Affiliate charges | $ | $ | $ | ⚠ Zero | ☐ |
| Recording fees | $ | $ | $ | 10% aggregate | ☐ |
| Third-party from lender's list | $ | $ | $ | 10% aggregate | ☐ |
| Prepaid interest | $ | $ | $ | None | ☐ |
| Insurance premium | $ | $ | $ | None | ☐ |
| Escrow deposit | $ | $ | $ | None | ☐ |
| Shopped services | $ | $ | $ | None | ☐ |
| Cash to close | $ | $ | $ |
Cure demand:
Re: Loan [] · Property []
Comparing the Loan Estimate dated [] to the Closing Disclosure dated [], the following charges increased: [list, with amounts].
Please identify the valid changed circumstance documented for each increase, or issue the tolerance cure required by 12 C.F.R. part 1024 and 12 C.F.R. part 1026. I understand the refund is due within 60 days of consummation.
Please also confirm that no charge on this disclosure constitutes an unearned fee or a payment for the referral of settlement service business prohibited by 12 U.S.C. § 2607, and identify any affiliated business arrangement.
☐ The standardized settlement statement requirement traces to 12 U.S.C. § 2603. The scope of the unearned-fee prohibition is addressed in Freeman v. Quicken Loans, Inc., 566 U.S. 624. ☐ ⚠ Confirm the seller did not require a particular title insurer — 12 U.S.C. § 2608. ☐ Review escrow setup against 12 U.S.C. § 2609.
Tool 7 — Walk-through form
| Item | OK | Note |
|---|---|---|
| Overall condition matches contract | ☐ | |
| ⭐ Agreed repairs complete — receipts, permits, warranties in hand | ☐ | |
| Heat operates | ☐ | |
| Air conditioning operates | ☐ | |
| Water heater operates; hot water at all fixtures | ☐ | |
| Every faucet and drain run | ☐ | |
| Every toilet flushed | ☐ | |
| Every outlet and switch tested | ☐ | |
| All included appliances present and operating | ☐ | |
| Light fixtures present as agreed | ☐ | |
| Window treatments present as agreed | ☐ | |
| Garage door and openers work; remotes present | ☐ | |
| All keys, fobs, and codes delivered | ☐ | |
| Sheds, outbuildings, and their contents as agreed | ☐ | |
| Smoke and carbon monoxide detectors present | ☐ | |
| No new damage from the move | ☐ | |
| Debris and personal property removed | ☐ | |
| Utilities on | ☐ | |
| Manuals and warranties left | ☐ |
⚠ If anything fails: do not close on a promise. Take a credit, an escrow holdback with a written agreement, or a delay. ⭐ Leverage disappears at funding.
Tool 8 — Escrow holdback agreement
Escrow Holdback Agreement — [Property] · Closing [date]
1. The sum of $[amount] shall be withheld from Seller's proceeds and held by [escrow holder].
2. The withheld funds secure completion of: [describe the work, with specificity — scope, standard, and who performs it].
3. The work shall be completed by [date], and evidenced by [licensed contractor's invoice marked paid / municipal permit final / re-inspection report].
4. Upon delivery of the evidence in paragraph 3 and Buyer's written approval, which shall not be unreasonably withheld, escrow shall release the funds to Seller.
5. ⚠ If the work is not completed by the date in paragraph 3, Buyer may cause the work to be completed and escrow shall disburse to Buyer the actual cost on presentation of paid invoices, with any remainder released to Seller.
6. Escrow may interplead the funds if the parties dispute disbursement.
⭐ Paragraphs 3 and 5 are what make this work. Without a completion date and a self-help remedy, a holdback is just a delayed argument.
Tool 9 — Post-closing occupancy agreement
Post-Closing Occupancy Agreement — [Property] · Closing [date]
1. Seller may occupy the Property from closing through [date] and no longer. 2. Seller shall pay $[amount] per day, paid [in advance / from a deposit] for the full period. 3. Seller shall deposit $[amount] as security, refundable within [10] days after vacating, less deductions for damage beyond ordinary wear and for holdover charges. 4. ⚠ Holdover rate: $[amount] per day for each day beyond [date]. 5. Seller shall maintain [renter's / liability] insurance and shall name Buyer as an additional insured. Buyer shall maintain the homeowner's policy. 6. Seller accepts the Property in its present condition and shall make no alterations. 7. Utilities shall be [paid by ] and remain on through the term. 8. Seller shall deliver possession broom-clean, with all personal property removed and all keys delivered. 9. Risk of loss remains with [].
⚠ This is a temporary license, not a tenancy, and shall not be construed to create a landlord-tenant relationship.
⚠ Never permit post-closing occupancy on a handshake. ⭐ In many states an occupant without a written agreement acquires tenant status, and removing them requires a formal eviction — with all the delay that entails.
Tool 10 — Wire fraud verification protocol
⚠ The largest uninsured loss in residential real estate, and entirely preventable.
☐ Get the closer's phone number from the contract or the firm's own website. ⚠ Never from an email signature. ☐ Call that number. Ask them to read the wire instructions aloud. ☐ Compare digit by digit — routing number, account number, beneficiary name, bank name and address. ☐ ⚠ Treat any emailed change to wire instructions as fraud until independently disproven. Real instructions almost never change; fraudulent ones always do. ☐ Never email account numbers or wire instructions yourself. ☐ Ask your bank for callback verification before release. ☐ Send a small test wire first, if the closer permits. ☐ Call immediately after sending to confirm receipt. ⭐ The recovery window is hours, not days.
If funds are misdirected — same day: ☐ Call the sending bank and request a wire recall ☐ Call the receiving bank's fraud department ☐ File a police report ☐ Report to federal authorities and to your state regulator ☐ Notify the closer, the lender, and your insurer
Tool 11 — Seller disclosure worksheet
⭐ Complete this in writing before listing. The cheapest defect in any transaction is the disclosed one.
| Subject | Known issue? | Detail | Documents |
|---|---|---|---|
| Roof — age, leaks, repairs | ☐ | ||
| Foundation — cracks, movement, repairs | ☐ | ||
| Water intrusion — basement, crawlspace, windows | ☐ | ||
| Drainage and grading | ☐ | ||
| Plumbing — leaks, sewer backups, repipes | ☐ | ||
| ⭐ Sewer lateral condition | ☐ | ||
| Electrical — panel type, knob and tube, aluminum | ☐ | ||
| HVAC — age, service history | ☐ | ||
| Appliances included and their condition | ☐ | ||
| Pests and prior treatment | ☐ | ||
| ⚠ Unpermitted work | ☐ | ||
| Boundary disputes or encroachments | ☐ | ||
| Easements known to seller | ☐ | ||
| HOA — assessments, litigation, violations | ☐ | ||
| Insurance claims history | ☐ | ||
| Flood history and zone | ☐ | ||
| Environmental — tanks, prior use, contamination | ☐ | ||
| ⭐ Lead-based paint (pre-1978) — disclosure, records, pamphlet, 10-day opportunity | ☐ | 42 U.S.C. § 4852d | |
| Asbestos (pre-1980) | ☐ | ||
| Radon testing history | ☐ | ||
| Well and septic history | ☐ | ||
| Deaths on the property, where disclosable | ☐ | ||
| Neighborhood nuisances, where disclosable | ☐ |
☐ Lead rules: 24 C.F.R. part 35; 40 C.F.R. part 745. ☐ ⚠ "As is" allocates the risk of unknown defects. It does not excuse misrepresentation or concealment of a known material defect. ☐ ⚠ Never require the buyer to use a particular title insurer — 12 U.S.C. § 2608. ☐ Comply with fair housing law in every showing, communication, and advertisement — 42 U.S.C. § 3604; 42 U.S.C. § 3606; 42 U.S.C. § 3617.
Tool 12 — Post-closing letters
Recording confirmation:
Please confirm the recording of the deed and security instrument for [property], including the instrument numbers and recording dates, and provide conformed copies. Please also confirm that the prior mortgage in favor of [lender] has been released of record, with the release instrument number.
Title policy request:
Please issue and deliver the Owner's Policy of Title Insurance for [property] in the amount of $[purchase price], and confirm which Schedule B-II exceptions were removed as a result of the survey and affidavits delivered at closing.
Notice of error / qualified written request — 12 U.S.C. § 2605:
Re: Loan [] · Property [] · Notice of Error and Request for Information
The servicer has [misapplied payment received [date] / failed to pay taxes from escrow / assessed a fee I do not owe / failed to credit the payment made on [date]].
Please provide: a complete payment history since origination; an itemization of all fees assessed and their basis; the escrow account history and the most recent annual analysis; and the identity of the owner of the loan.
Please correct the error and confirm in writing within the time the statute allows. Please also confirm that no adverse information will be furnished to any consumer reporting agency concerning the disputed amount during this period.
Escrow analysis dispute — 12 U.S.C. § 2609:
The annual escrow account statement dated [] reflects a cushion exceeding the statutory limit and a projected disbursement of $[] that does not match the actual tax bill of $[____]. Please recompute and refund any surplus.
Adverse action reasons — 15 U.S.C. § 1691:
Please provide the statement of specific reasons for the adverse action on my application dated [____], as required by the Equal Credit Opportunity Act and 12 C.F.R. part 1002, together with the identity of any consumer reporting agency whose report was used.
⭐ Then pull the report and dispute any error — 15 U.S.C. § 1681.
Tool 13 — Authority reference
| Subject | Authority |
|---|---|
| Settlement procedures | 12 U.S.C. § 2601; 12 C.F.R. part 1024 |
| Standardized settlement statement | 12 U.S.C. § 2603 |
| Servicing, notices of error, information requests | 12 U.S.C. § 2605 |
| Kickbacks and unearned fees | 12 U.S.C. § 2607; Freeman v. Quicken Loans, Inc., 566 U.S. 624 |
| Required title insurer prohibited | 12 U.S.C. § 2608 |
| Escrow account limits | 12 U.S.C. § 2609 |
| Truth in lending | 15 U.S.C. § 1601; 12 C.F.R. part 1026 |
| Disclosure content | 15 U.S.C. § 1638 |
| Rescission (refinance / home equity) | 15 U.S.C. § 1635; Beach v. Ocwen Federal Bank, 523 U.S. 410 |
| High-cost mortgages | 15 U.S.C. § 1639 |
| Ability to repay | 15 U.S.C. § 1639c |
| Damages | 15 U.S.C. § 1640 |
| Regulatory deference | Household Credit Services, Inc. v. Pfennig, 541 U.S. 232 |
| Originator licensing | 12 U.S.C. § 5101 |
| Lead-based paint disclosure | 42 U.S.C. § 4852d; 24 C.F.R. part 35; 40 C.F.R. part 745 |
| Flood insurance requirement | 42 U.S.C. § 4012a |
| Fair housing | 42 U.S.C. § 3601; 42 U.S.C. § 3604; 42 U.S.C. § 3605; 42 U.S.C. § 3606; 42 U.S.C. § 3617 |
| Equal property rights | 42 U.S.C. § 1982; Jones v. Alfred H. Mayer Co., 392 U.S. 409 |
| Disparate impact | Texas Dept. of Housing & Community Affairs v. Inclusive Communities Project, Inc., 576 U.S. 519 |
| Standing | Trafficante v. Metropolitan Life Ins. Co., 409 U.S. 205; Havens Realty Corp. v. Coleman, 455 U.S. 363 |
| Brokerage liability | Meyer v. Holley, 537 U.S. 280 |
| Occupancy limits exemption | City of Edmonds v. Oxford House, Inc., 514 U.S. 725 |
| Credit discrimination | 15 U.S.C. § 1691; 12 C.F.R. part 1002 |
| Consumer reports | 15 U.S.C. § 1681 |
| Nonjudicial foreclosure firms | Obduskey v. McCarthy & Holthus LLP, 586 U.S. 466 |