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If a property is destroyed before the closing takes place who takes the loss - buyer or seller?
Wiki User
∙ 15y ago
The legal owner must cover the loss. The property should be insured by the legal owner, the seller, up until the time when the deed is recorded. The buyer has no title until the deed is recorded. Once the deed is recorded the buyer's insurance becomes operative.
Wiki User
∙ 15y ago
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What is the seller's responsibility if damage occurred to the house the night before the closing?
I believe that you are responsible as the seller for any damage to the property until the papers are signed in the closing . At that time it becomes the new owners responsibility. Check with your realtor and closing attorney. Generally speaking, the seller still owns it and it is therefore his problem.
What is the percentage of seller closing costs on commercial property?
The percentage is negotiable.
Can you move in a house before closing?
By agreement with the seller, yes.
If the lender changed interest rates a week before closing on a property sale can you cancel the contract with the seller without being sued?
If the loan and rate were conditions of the sale, yes.
What closing costs can a seller legally pay for a buyer?
The underwriting requirements of a mortgage you may be taking to buy the property have restrictions that dictate the percentage and the type of closing costs that the seller can pay and still allow the borrower to qualify for the loan. These vary with all of the many mortgage programs that are available. == == Generally those closing costs that can be paid by the seller for the buyer are referred to as "non-recurring" closing costs. Call your local escrow company, and they can tell you what is appropriate for your area.
Can a seller keep buyer out of the house after contracts have been signed but before funding?
Generally, the transfer of the property takes place at the closing. Once the deed has been delivered to the buyer at the closing the property has a new owner. The deed and mortgage are then taken to the land records office for recording. In some jurisdictions the closings take place at the land records office. Once the deed and mortgage have been recorded in the land records the proceeds are handed over to the seller.
When is a property sale concluded?
The sale is concluded at the closing generally when the deed is delivered to the buyer and the consideration is paid over to the seller. Then, everyone smiles, shakes hands and the property has a new owner. The deed must be recorded in the land records immediately.The sale is concluded at the closing generally when the deed is delivered to the buyer and the consideration is paid over to the seller. Then, everyone smiles, shakes hands and the property has a new owner. The deed must be recorded in the land records immediately.The sale is concluded at the closing generally when the deed is delivered to the buyer and the consideration is paid over to the seller. Then, everyone smiles, shakes hands and the property has a new owner. The deed must be recorded in the land records immediately.The sale is concluded at the closing generally when the deed is delivered to the buyer and the consideration is paid over to the seller. Then, everyone smiles, shakes hands and the property has a new owner. The deed must be recorded in the land records immediately.
Does the seller to pay closing cost?
Generally the buyer pays closing costs. Some closing costs legally MUST be paid by the buyer. However, the seller could offer to pay some costs if they want to, or the buyer could ask the seller to pay some of the closing costs. Ultimately the seller has to decide how badly they want to make the sale.
What is a transferor?
When dealing in conveyancing / property - the transferor is the seller. When dealing in conveyancing / property - the transferor is the seller.
Who pays property taxes when buying a home?
Typically the seller will, however in real estate anything is negotiable. The real estate broker or other person responsible for the closing estimates the annual real estate taxes for the subject property being sold. The seller is responsible for the real estate taxes from January 1 through the day before closing. The buyer is responsible for real estate taxes as of the day of closing through the end of the year. Real estate taxes are generally estimated and prorated on a calendar year basis. At closing both the buyer and the seller receive a copy of the settlement sheet that, among other things, shows debts and credits for real estate taxes. If, at the end of the tax year, the estimated taxes were substantially inaccurate, the party that underpaid for their portion of the prorated year can be asked to contribute to the party that overpaid.
Who owns Seller furniture if they do not move the furniture out by a contracted date in the P and S after the closing date?
The furniture is the property of the seller. How the matter is resolved will be something to figure out between the two parties. It could involve anything from the payment of rent to the payment of disposal fees.
Can you cancel out of a contract on a home before it goes to closing?
If any contingencies are not met it is or won't close. Its easier for a buyer to cancel than for a seller they have more outs in the process. See your agent immendiately-you can keep it from closing and no one can force you to sell if you are a seller but need to legally cancel or could face a lawsuit
