Questions About Real Estate Law
If you are in the process of buying or selling property, you probably have a lot of questions about real estate law in New York State. Our experienced Buffalo real estate attorney provides answers to some of our clients’ most common questions about real estate law.
Questions About Real Estate Law | What Documents Are Required When Selling a House?
If you are thinking of selling your house, the first document that you will need to prepare for closing is the abstract of title, sometimes referred to as a title search. The abstract of title is a thick document that is sent to anyone who has interest in a property. Easements, right of ways, and deeds are all reflected in the abstract of title, which has to be fully updated to the time that you are closing on a transaction. The survey shows you the boundary lines of the structure situated on the property, and this second key document allows the buyer’s attorney to do a proper examination for the premises.
In addition to those documents, you will need receded tax statements, which constitutes proof of payment that the property taxes have been paid. You are entitled to a reimbursement on property taxes, and these expenses will be prorated at the time of closing. Proof of payment with regard to the water charges will be necessary and, depending on the municipality in which your property is located, you may need a back-walk certificate, a sidewalk certificate, water certificates, and sewer certificates. You may also need to provide self-pump certificates.
Questions About Real Estate Law | 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.
Questions About Real Estate Law | 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.
Do you have any more questions about real estate law? Are you unsure of the legalities when it comes to buying or selling a house? Contact our experienced Buffalo real estate attorney today to schedule a free consultation.