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Frequently Asked Questions-Sellers
Will I be reimbursed for the taxes that I paid for?
Answer: At the closing the Buyer will reimburse the Seller from date of the closing
to the end of the tax's fiscal year. In most counties near New York City,
the State, County and Town Tax's fiscal year is 1/1-12/31. The School Tax
is 7/1-6/30 (even though the bills are often paid in September).
Other that taxes, what else am I reimbursed for?
Answer: You will be reimbursed for the following (if applicable): 1) Fuel Oil; 2)
Propane; 3) Common Charges; 4) Water; and 5) Other payments made in advance
What is
usually not included in the Seller's Attorney fee?
Answer: The fee generally does not include uncustomary work such as
leases, powers of attorney, previous deals, properties in foreclosure and
non-local closings.
When do I have to be out of the house?
Answer: At the time of Closing unless the parties agree otherwise and execute a
short term lease agreement.
When do I
cancel my Insurance and Utilities?
Answer: After the Closing has occurred. You can also coordinate the transfer
of the utilities to the buyer instead of cancelling them
Does the Buyer
lose the Down payment if they cannot get a mortgage?
Answer: Typically contracts
allow the Buyer to receive their downpayment if they cannot get a mortgage in a
specified period of time (usually ~30 days after contracts are fully signed)
Who pays for the Title Search, Title Insurance and Survey?
Answer: The
Buyer. The Seller will typically have to pay a Mortgage tax (.4% of the sales
price) and some smaller fees to pay off their mortgage
Answer: Most of the time a contract provides for an approximate closing date. This is different than a target date. Typically the parties must close within a "reasonable" period of time after the date stated in the contracts. Usually there can be up to a 30 day window, but that is not guaranteed and should not be counted on. Within a few weeks of that date is more common.
Answer: It will have to be paid off at the time of the closing. Also, when you will need to "freeze' the account prior to closing. This can take a week or more sometimes, so you should contact the bank within a reasonable period of time.
There is no
Town Approval (Certificate of Occupancy) for an improvement on my property, but
I bough the house that way. Do I still need to get Town Approval for that
improvement?
Answer: Yes. You will still have to get the approval.
Should
I use a Real Estate Agent to sell my house?
Answer: Yes. A Real Estate Agent will probably get you more money for your house and
save you a lot of time and wasted money.
You will be able to present your
house to many more potential Buyers. You will be able to list your home on
the multiple listing service (MLS) which is open only to licensed Real Estate
Agents. Also your home will not be locked out of many internet search
engines and web sites.
Your marketing plan will be
improved. Your agent can recommend repairs or cosmetic work which will
significantly enhance the value of your home.
A Real Estate Agent will also help
you find qualified Buyers. Your Agent will know what questions to ask and
what documents to look for. An unqualified Buyer could look good in the
beginning and then end up wasting months of your time.
Buyers will also be more likely to
make genuine offers because they will feel less intimidated with a
"middleman" present
If
you are buying a new
house also:
Will I be able to use the down payment provided by
my buyer for my purchase?
Answer: No. That
money will be held in escrow until your sale closes.
How will I transfer the money that I
receive from my sale to my purchase?
Answer: If you are closing on
the same day, you would probably have your Buyers make their money directly to
your Seller.
When do I have to be out
of the house?
Answer: At the time of Closing
unless the parties agree otherwise. Sometimes Sellers put their belongings
on the moving truck prior to their sale and bring the truck to their new house
after the Purchase Closing. Another option would be to have a short term
lease agreement with your Purchasers or Sellers to allow you to stay or move in
early.
See Also