Questions About Closing a Home
If you are selling real estate, you probably have a lot of questions about closing a home. If you’re house if for sale and a buyer signs a contract, you might be wondering how long the closing will take, how long you have to move out, and whether or not you should turn off the utilities. Our experienced Buffalo real estate lawyers can help answer any questions you might have about closing a home.
Questions About Closing a Home | How Long Does the Closing on a House 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.
Questions About Closing a Home | Do I Have to Be Out of the House?
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.
Questions About Closing a Home | When Should I 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.