If you are the Buyer, contact the utility companies to confirm the final reading date and change the name on the account.
If you are the Seller, order and pay your final water bill, and contact all other utility companies to have the bill transferred out of your name as of the closing date. Do not have them shut off, as this can delay closing if the utilities are not on for the final walk through.
You do not have to attend the closing if you are Selling. We always give our Sellers the option to sign the closing documents, including a Power of Attorney. ahead of time so that they do not have to be at the closing. The majority of our Sellers do not attend.
You should have all personal property out of the house before the final-walk through, which usually takes place the day before or morning of closing. If you have a real estate agent, you can coordinate the timing with them. The property should be left in broom-clean condition, and any agreed upon repairs and/or replacements should be done.
Earnest money is a deposit made by the Buyer shortly after the contract is accepted, showing the Buyer’s good faith in a transaction. The money is held in an escrow account, typically with the Seller’s Attorney, Buyer’s Attorney or Real Estate Agent. In rare cases, the Buyer can forfeit the earnest money to the Seller if the Buyer breaches the contract.
If the Seller agrees to provide the Buyer with a credit at closing, either per the contract or agreed upon during the inspection period, the credit will be applied to the Buyer’s closing costs. The credit will essentially reduce the funds the Buyer has to bring to closing.
You should receive the dollar amount needed to close at least one business day before closing from our office.
For amounts up to $1,000.00 personal checks can be accepted by the Title Company.
For amounts between $1,001.00 through $49,999.00, the Title Company will accept the following:
1. Wire Transfer
2. Cashier’s Check or Certified Check payable to the Title Company
3. Attorney’s Trust Account Funds or Real Estate Broker’s Check
4. Title Company Check (if you are using funds from a Sale)
For amounts of $50,000.00 and over, the Title Company will accept the following:
2. Title Company Check (if you are using funds from a Sale)
The attorney review contingency in the contract is a time frame, typically 5 business days from the date of the contract’s acceptance date, in which the Buyer’s attorney may submit contract modification requests to the Seller’s attorney. The inspection contingency runs on the same timeline as the attorney review, however this provision in the contract allows the purchaser to request repairs and/or a credit for items they found as deficient in the inspection report.
If the contract states that the property is being sold “As-Is” the Buyer may and still should conduct a home inspection of the property. If the Buyer finds the property unacceptable in “As Is” condition the Buyer may terminate the contract within a specific time period, which is typically five business days from the contract’s date of acceptance. When a property is being sold “As-Is” the standard inspection provision of the contract does not apply, and the Buyer should not request repairs from the inspection report.
This website is for informational purposes only. It does not constitute legal advice and is not intended to create an attorney-client relationship. Please consult with an attorney before acting on any information.