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Roy's Real Estate Corner -6
What is Escrow
After a real estate purchase contract is signed, an escrow account is opened in the name of the buyer and seller. All documents relating to the transaction are assembled by the escrow officer, including the loan package if required. After closing, the escrow officer is responsible to record the change of ownership, disburse all funds and provide copies of all documents to all parties. Cost of escrow depends on the size of the transaction.
Utilities
WHETHER YOU ARE BUYING OR SELLING A HOME, YOU NEED TO PAY SPECIAL ATTENTION TO THE VARIOUS UTILITIES INVOLVED WITH THE PROPERTY. THE SELLER WILL WANT TO PROVIDE A SYNOPSIS OF BILLS, USUALLY FOR THE PAST TWELVE MONTHS, BECAUSE A SAVVY BUYER WILL ASK ABOUT THE COST OF UTILITIES. EVEN IF YOU ARE NOT SELLING YOUR HOME, IT IS A GOOD IDEA TO COMPARE SEASONAL BILLS TO SEE IF YOU HAVE ANY UNEXPLAINED INCREASES. THIS COULD BE ASSOCIATED WITH LEAKS, AS IN THE CASE OF WATER OR NATURAL GAS, OR INEFFICIENT EQUIPMENT CAUSING AN INCREASE IN ELECTRIC BILLS. THIS CAN ADD UP OVER TIME, AND EVEN BE DANGEROUS.
KEEPING YOUR SYSTEMS IN GOOD OPERATING CONDITION IS A SOUND INVESTMENT. INSURING THAT EVERYTHING IS WORKING WELL AND EFFICIENTLY BEFORE YOU BUY IS JUST GOOD BUSINESS.
WE KNOW THE EXPERTS WHO CAN ADVISE YOU CONCERNING THE UTILITY SYSTEMS IN YOUR HOME, AND WE KNOW THE INSPECTORS WHO CAN EVALUATE YOUR PROSPECTIVE NEW HOME PURCHASE. OUR BUSINESS IS TO KEEP YOU FROM BEING SURPRISED!
Home Warranty
IF YOU ARE BUYING OR SELLING A HOME, THE ISSUE OF A HOME WARRANTY MAY BE A FACTOR IN THE TRANSACTION. THE WARRANTY USUALLY COVERS ITEMS LIKE HEATING AND COOLING EQUIPMENT, PLUMBING, APPLIANCES, HOT WATER HEATERS AND ELECTRICAL SYSTEMS. If ANYTHING GOES WRONG WITH COVERED ITEMS DURING THE FIRST YEAR OF OWNERSHIP, ALL THE NEW BUYER HAS TO PAY IS A SMALL SERVICE FEE PER CALL, AND THE WARRANTY PAYS THE BALANCE.
I RECOMMEND THE WARRANTY COVERAGE FOR MATURE HOMES, IT IS A GOOD MARKETING MOVE FOR THE SELLER, AND A CERTAIN AMOUNT OF COMFORT FOR THE BUYER. EITHER PARTY MAY PAY FOR THE WARRANTY ($325-$400), OR THE COST MAY BE SPLIT AMONG PARTIES. SOME COMPANIES OFFER RENEWABLE COVERAGE FOR THE MECHANICALLY CHALLENGED.
IF YOU ARE THINKING ABOUT BUYING OR SELLING A HOME, COME BY 600 E. WILCOX AND TALK TO US. WE KNOW NEARLY EVERYTHING ABOUT REAL ESTATE.
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