Seller’s Market Questions
If you are selling a house in a seller’s market, you are probably wondering what you should do to make it a successful undertaking. Here are answers to commonly asked seller’s market questions.
Seller’s Market Questions | 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.
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It is necessary to have health department certifications for any well or septic system that is on the property. Those certifications are vital in order to transfer the property, and if they are not available, then you will have to hold an escrow at the time of closing to make certain that health department certifications are acquired prior to the transfer or the property.
Seller’s Market Questions | 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.
Seller’s Market Questions | What Is the Biggest Mistake Made When Buying or Selling Properties?
Our firm believes that the biggest mistake in acquiring a residence is falling in love with the house before you really know what its value is. It is important that you have a real estate broker or an attorney who will be able to apprise you of what the market in that area is and to have a general understanding of the conditions of those local properties. If there is an issue with regard to a sinkhole, asbestos, or the education system in the area, you want to know these things as you investigate whether you want to buy the house. Before you fall in love with the house and decide that it is the house for you, find out the answers to those questions so that you can be comfortable with the house for years to come.
If you have any further seller’s market questions, please call our Buffalo real estate lawyer Randy Gugino today for a free consultation.