Comments on: Preparing To Close on a House

By: Nikki Smith

Nikki Smith — Fri, 26 Feb 2010 17:51:29 +0000

Hi Jim,

Thanks for this great article. I’m writing to let you know Federal Title recently updated its website, so some of the links you included in your post are no longer active.

Homebuyers in the DC Metro area can refer to the new Closing Documents page to prepare for settlement.

Visit the new FAQs page to learn about closing in Maryland specifically: http://www.federaltitle.com/faqs/md-closing-questions

Thanks!
Nikki Smith
Marketing Director
Federal Title & Escrow Company

By: jim

jim — Fri, 27 May 2005 19:04:53 +0000

Risk,
I’m going to see if I can get a discount on the insurance, thanks for the tip.

Tim,
We are going to clarify before we sign anything, I think having them pay is fair.

We are going to do a walk through the day they leave. They are extremely reasonable and polite people, at least they are now , so I don’t think they’re going to trash the place. I don’t expect them to clean it before they leave though and they have pets (I’ll be getting pets too) so I will have to give it a good cleaning. Luckily neither smoke.

I happened to just get back from the credit union with my “official check” for payment… it’s scary carrying around this much money… don’t worry, I keep up to date on the comments on my blog.

By: Tim

Tim — Fri, 27 May 2005 18:59:34 +0000

Water is paid quarterly. So you will pay the difference. I forget if you pay ahead based on projected use or if you pay like electricity, based on a meter reading. I had to write a check to the sellers for $11 or so because they paid the water bill several days before I closed. Water, luckily, if the one thing in MD that is cheap–about $5 per month.

About utilities, you had better clarify who is paying and make sure they add that as an addendum on the contract.

I wonder, what happens if they trash the place before they leave? I would also have a clause in there that they clean or have a “check-out” list like apts have.

Geez, you probably won’t even get this in time since you are closing at 4pm and I am writing this at 3pm! HAH!

By: risk

risk — Fri, 27 May 2005 18:24:12 +0000

look like you have the title company fax you the settlement sheet before going to closing. Good. The last closing I went to, I asked for the sheet giving to me at least 2 days before the settlement day. Got it one day before after couple of calls. tight but made my own check. indeed there were things I called back and asked for clarifications.

as for title insurance, I was informed that some discount would be given if seller can provide proof of buying title insurance as the time he/she acquired the property. I didn’t get it because the seller misplaced her settlement sheet (she bought it years ago)

By: jim

jim — Fri, 27 May 2005 16:53:19 +0000

For electricity, I believe that will be the case; with water, there is a “Water Adjustment” item in the settlement documents. I’ll have to ask what that means specifically.

By: Jeff Running

Jeff Running — Fri, 27 May 2005 16:18:12 +0000

They will most likely end up paying for the utilities since my guess is that they are still listed under their name. If you transfer them to your name you might have some problems.