Logistics of Selling Property
Logistics of Selling Property | When Can the Seller Turn off the Utilities?
The seller of a home should never turn off the utilities until such time that the closing has taken place. The reason for this is because the buyer of the property has the right to do an inspection, also called a walk-through, on the day of closing or up to three days beforehand. The buyer will make sure that the room is swept and that the basic condition of the property is as it was when the seller and the buyer entered the contract, and the utilities have to be in place. It is important to remember to not turn off the utilities until closing has been consummated. The seller will be required to contact the utility companies, the buyer will follow suit, and there will then be a transition from the seller to the buyer and there is no lapse of time.
Logistics of Selling Property | How Long Does the Closing on a House Usually Take?
You can expect that a closing will occur within 60 days of the time at which you entered into a contract of sale. The contract of sale itself has a period, by which the buyer is to acquire the financing, and this period is usually between four and six weeks after the contract is signed. Keep in mind that the date set in the contract for closing is only a target date for closing; you should not make arrangements early in the process to move out on that date, to turn off your homeowners insurance, or to transfer the utilities because that target date may not be reached.
Logistics of Selling Property | Do I Have to Be out of the House When It Is Closed?
Standard contracts typically state that the buyer is entitled to occupancy at the time of settlement. If you are going to have any difficulty in vacating the property by the date that is set forth in the contract, you need to let your attorney know immediately. Our office is sometimes able to work out a post-occupancy arrangement, which can allow you to stay in the house a handful of days or even a couple of weeks after the closing to accommodate your situation.
If you are looking for more information about the logistics of selling property, please call and set up a free consultation with our excellent Buffalo real estate attorney Randy Gugino today.