P07a-Face-To-Face (Table) Closings

                        

Objective Form:

07.1  Within ________ days prior to the date of closing, as here-
inbefore set forth, the parties and their respective counsel
shall meet at _______________________, or at such other place as
is mutually agreeable, at which a pre-closing conference shall be
held.  The parties shall, at that meeting, deliver to each other
drafts of all documents required hereunder in order to close this
transaction, including a preliminary closing statement document-
ing the proposed settlement of the accounts (including credits
and debits) of Buyer and Seller as of the proposed closing date.
The parties shall, in good faith, attempt to resolve all dif-
ference between them regarding the closing.

07.2  At the closing:
     (a)  Seller shall deliver to Buyer:
              (i)  The deed conveying title to the Premises as
                   in Section ________.


             (ii)  The affidavit of title and bill of sale as
                   provided in Sections ________ and ________.
            (iii)  Any other and further documentation or sums
                   of money specified in Sections _______ and
                   _________.
             (iv)  Any other and further documents or things
                   required in order to close in the location
                   whereat the deed is being filed of record.
      (b)  The Buyer shall, contemporaneously, deliver to Seller:
              (i)  All payments and deposits comprising the pur-
                   chase price as set forth herein.
             (ii)  All notes, mortgages and other financing
                   documents set forth under Section ________.
            (iii)  All other and further documents or sums of
                   money specified in Sections _________ and
                   _________.
             (iv)  All other and further documents or things re-
                   quired in order to close in the location
                   whereat the deed is being filed of record.



     (c)  Buyer and Seller shall execute and each retain executed
          copies of a closing statement documenting the settle-
          ment of the accounts (including debits and credits) of
          Buyer and Seller.

Comment and Alternatives:
    The objective form tracks that of escrow closings, except
that the parties must have a pre-closing meeting to iron out de-
tails of closing.  As in escrow closings, many additional
documents may be required depending upon local practices.  (See
discussion on "Alternatives" under next section on "Escrow
Procedures."
     Where no closing conference is desired, there may still be a
provision for prior clearance of documents:
      "Within _______ days prior to closing the parties shall
ex-change drafts of all documents and a preliminary closing
statement for review and comment."
    Where a lender is taking back a mortgage on the Premises from
the Buyer, the lender might wish to have the right to review
documents:


         "The documents and closing statements exchanged shall
         be approved, as well, by any entity which is financing
         the purchase ofY the property.  Such approval may not be
         unreasonably withheld."