3 Unknown Secrets To Avoid A Detour When Selling Your Home
When closing on a house in New York, it can be often difficult to have goals when you are unsure when things will be completed. Likewise, it is often difficult to complete something if you don’t know how it is done. Below are some of the most commonly asked Real Estate Law questions about selling a home in Buffalo.
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1.) Required Documents to Sell Your Home
If you’re thinking of selling your house, the documents that are going to need to prepare or get ready for closing is the abstract of title, sometimes referred to as a title search. It’s a document, thick, dates back to 1920 or later, goes to anyone that has any interest in a property: Easements, right of ways, deeds, it’s all reflected in the title search. That has to be updated to the time that you’re closing on a transaction and as well as the survey. The survey you required also at the time you acquire the premises and the survey shows you the boundary lines, the structure situated on the property so that the buyer’s attorney can do a proper examination for the premises. In addition to those documents, and those are the two most important, you’re going to want to get receded tax statements, proof of payment at the property taxes are paid because you are entitled to a reimbursement on those, those would be pro-rated at the time of closing. Proof of payment at the time with regard to the water charges are necessary, and in some municipality, we need to have certifications for a back walk certificate, a side walk certificate, water certificates, sewer certificates. There are also in many instances in a situation where you need to have some self-pump certifications, particularly in some of our local towns. In addition to those documents, it is necessary to have health department certifications with regards to any well or septic system that is on the property. those certifications are necessary in order to transfer the property, if they’re not available, the house is for instance has been vacant for a period of time, then we have to hold an escrow at the time of closing to make certain that health department certifications are acquired after closing.
Summary:
- You will need a Title Search, which dates back to about 1920, which shows everyone who was interested in the property
- This must be updated to the time you are closing in on the transaction, so that the attorney can do a proper title observation
- You will want tax statements, and certifications for water, sidewalk, sewer, and sump pumps
- You will also want health department certifications, with regard to any well or septic system on the property
2.) Selling Your Home with a Mortgage or Lease
If you’re selling your house and you have a mortgage on it or you have equity loan, we’re going to be asking you for that information at the onset. My office is going to send you out a seller’s information letter, and in that seller’s information letter, it’s going to set for the documentation that we want, remind you that we need information from you and the most important of those documents or information is going to be that involving the mortgage and the home equity loan, we need to know the mortgage company, the account number, the address, so we ask you to provide us with the last statement you’ve received from them because it will have all of that information on it; same with regarding the home equity loan. And then what will happen, when I know the deal is about to close, we’re going to contact the lender and the home equity company and we’re going to make certain that we get pay-off statements. Those pay off statements are going to set for the amount due, the interest, and we’re going to calculate that so we can make certain that when we close, we are able to send the money to the bank to pay off the mortgage. Mortgage gets paid off, the mortgage company, usually within 30 days is going to issue a satisfaction or discharge of mortgage, and we make certain that, that of course is filed in the area county of the clerk’s office. The buyer of the property needs to know that information also and we follow up with the purchaser’s attorney to make certain that, that information is sent to the buyer’s attorney so that they’re informed too.
Summary:
- Your attorney will immediately ask for this documentation.
- Your attorney has to know the mortgage and home equity company contact information.
- Any interest will be calculated to determine the proper amount of mortgage to pay off at the time of closing.
- The buyer of the property needs to be aware of this information as well.
3.) Time Length of a House Closing
If you’re considering selling your house, you can expect that a closing can take place usually within 60 days of the time that you entered into a contract of sale. The contract of sale itself has a period by which the purchaser is to acquire the financing, usually that’s between 30, maybe 45 days after the contract is signed. And generally speaking, we’re going to close about 60 days after the contract’s been signed. Please keep in mind, that the date set in the contract for closing is only a target date for closing. You can’t make arrangements for your movers to move you out on that date nor should you turn off your home-owners insurance or transfer the utilities because that target date may not happen. We could close a little bit before; we can close a little bit after that date.
Summary:
- A closing will usually occur within 60 days of entering into a Contract of Sale.
- This Contract has a period in which the buyer must obtain the financing, which is 30-45 days after the contract is signed.
- This is only a target date; Your closing can be a bit before or after the date targeted.
Are you looking to sell your home in Buffalo, or Western New York as quickly, and as stress free as possible? Let our dedicated Real Estate Attorneys help you sell your home without missing a step.
This educational blog was brought to you by Randy Gugino, an experienced Buffalo Real Estate Lawyer.
