does realestate lawyer handle the transfer of electric account when house is sold

by Abbey Schiller 8 min read

If you used a real estate attorney, that attorney might also have reminded you of your obligation to get the utility accounts switched into your name immediately. Preparing for Real Estate Closings

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What does a real estate attorney do when selling a house?

Jun 16, 2007 · In my scenario the shop was sold but the new buyer did not change the utility to their name. They rented out the shop for years under the old owners electric account, which was paid on time until the day the tenant left and used almost $30k in a month!!!.

Does a real estate attorney attend the closing with the buyer?

Aug 16, 2019 · In a sense, yes, but your remedies under the contract might be limited. In many states, there is a legal concept that says the obligations and representations made by the parties in the contract end at the time of the closing.

Do I have to change my utility account when selling my house?

Real estate attorneys help oversee home sales, from the moment the contract is signed through the negotiating period (aptly called the “attorney review”) to closing. A seller’s attorney reviews sales contracts, communicates terms in a professional manner and attends closings to prevent mishaps. Selling a home is a complex process that ...

What is real estate law and how does it work?

Jun 17, 2012 · Key Takeaways. Leaving the utilities connected while selling a home makes the process easier for the buyer, the appraiser, and the home inspector. The title company often notifies city utilities at closing that a change of ownership has occurred, but don't turn off the utilities until after you've officially closed the deal and signed the papers.

How to reduce utility costs?

Buyers and buyers' agents can help to reduce utility costs for the seller between the time the purchase contract is ratified and prior to closing. It's just a matter of taking a few simple steps: 1 Turn the lights off when you're leaving. 2 Ensure that all water valves are tight and secure, not dripping. 3 Reset the thermostat to where it was if you changed it. 4 Close drapes and blinds if you opened them.

Why are utilities important?

Utilities are essential if the home is still on the market for sale. Heat and air conditioning maintain interior comfort for potential homebuyers, and having access to electricity is mandatory. People will want to see how the home functions, and this is virtually impossible without power.

Who is Elizabeth Weintraub?

Elizabeth Weintraub is a homebuying, home loans, and mortgages expert. With more than 40 years of experience in real estate, including areas such as title and escrow, Elizabeth was nominated as a founding member of the California Association of REALTORS' Real Estate Certificate Institute (RECI) and has received more than 600 hours ...

Do you need an appraiser for a loan?

The lender will hire an appraiser if the buyer is obtaining financing. The appraiser will perform certain tests that can only be performed if the utilities are working, and many won't complete the appraisal if utilities aren't connected. Without the appraisal, the buyer won't get the loan and won't be able to close. 4 

Why is a utility bill delinquent?

A delinquent utility bill is less of a problem when the seller has equity in the home because they might receive enough money at closing to pay any outstanding utility bills at that time. However, there's no profit for a short sale seller —the bill must typically be paid at closing if it becomes a lien and attaches to the home. Otherwise, it will affect the new buyer, and the buyer might not be willing to close.

Can a home inspector check water pressure?

A home inspector can't check receptacles, test water pressure, or ensure that a gas stove is working properly without utilities. It will be hard to convince a buyer to make a purchase without having the home inspected. 5. Many purchase contracts provide for a final walk-through.

Why do water pipes burst?

The pipes burst because the heat was turned off, and standing water inside the pipes froze, expanded , and broke them. Homes need to breathe, too, and hardwood floors can be damaged in extreme temperatures. The heat will cause gaps in your hardwood floors and eventually cause for replacements. The cost of the damages from such instances is much more than you would have been paid in utility bills, so it's not worth the risk of letting them happen. 2 

What happens when a house is sold?

On the final date of closing, the buyer’s bank will wire the money to the seller’s bank. All other parties who are in receipt of payment such as realtors, fees for third party services, appraisals, etc.

What is escrow in real estate?

Escrow provides the third party mechanism by which all monies in a real estate transaction are handled fairly and according to the purchase agreement. Escrow provides for all parties to pay or be paid on a specific date (the closing date).

What is the biggest investment you have ever made?

Buying a home is probably the biggest investment you'll ever make. In addition to hiring a real estate agent to help negotiate the transaction, you might consider a real estate lawyer to guide you through the legal process. Real estate attorneys specialize in matters related to property, from transactions to handling disputes between parties.

How long does it take to become a real estate lawyer?

Qualifications. Like any lawyer, a real estate lawyer has earned a law degree, which typically takes three years of study for a full-time student. They have also passed the state bar exam administered by the state in which they practice. Training for real estate law may begin with elective courses and internships during law school, ...

Do you need a real estate attorney at closing?

Many states require a real estate attorney be present at closing. Even if your state does not require one, you might want a real estate attorney to be there for you. A real estate attorney will represent your interests at closing. They will review all paperwork in advance and advise on any problems or omissions with the documentation. 1.

What does a real estate attorney do?

A real estate attorney prepares or reviews all of the documents that are signed at the closing of a real estate purchase. The attorney is then present at the closing to represent the buyer's (or the seller's) interests. Real estate law is a matter for state and local jurisdictions.

What is real estate law?

Real estate law encompasses the purchase and sale of real property, meaning land and any structures on it. It also covers legal issues related to anything attached to the property or structures, such as appliances and fixtures.

What are the typical fees, disbursements and other payments?

Legal Fees, HST, Title Search, Property Tax Certificate, Photocopies, Registration Fees, Land Transfer Tax, Title Insurance, Zoning and work order searches (where applicable), mortgage insurance such as CMHC.

Terms used in a typical real estate transaction

Below are some terms and a basic description of what they mean. The definitions are not full and complete, but, they will help a buyer or seller understand the terms.

What happens if there is no will in West Virginia?

If there was no will, then the Affidavit of Heirs filed when the administration of the estate is opened will show who owns the real estate. The heirs can then deal with the property as they see fit. You may want to have a (straw party) deed made to put the property in the names of the heirs for real estate tax purposes.

How to get a title out of mom's name?

Second, you may need to go through a little rigamarole to get the title out of mom's name and into dad's. It may be as simple as filing her death certificate, but it may be more complicated. Therefore, I suggest strongly that you consult with a local probate attorney that can help you figure out what you need to do.

Do you need a deed to get title to a property?

There's no deed needed to get title to the property in the estate. If the question is conveying title from the estate to a beneficiary, the personal representative would sign a deed as personal representative of the estate of the deceased, survivor of the deceased wife, whose death certificate is recorded in Liber.

What happens if you have a will and your mother and father are jointly held?

If the property was held jointly by your mother and father the real estate is now in the estate of the last to die. The court appointed representative, executor under the Will or administrator if no Will, can transfer the property to the legatees under the Will. Keeping the property in the estate should only be temporary while the business of the estate is conducted. After all claims are paid the estate assets should be distributed to the heirs or legatees and the estate closed.

Can you transfer a personal representative deed to an estate?

You would make the transfer by Personal Representative Deed. You do not transfer it to the estate. If you wish to retain the property until the market improves, you just keep the probate open. If you transfer the property to the siblings, it's a tax free transfer. But, the property would be taxed when sold. By making the transfer while in probate, the property is not taxed to the beneficiaries and the money divided is tax free.

Can a will be probated if your father only has a will?

If your father only had a will, it must be probated in court . Unfortunately, as opposed to a trust, the executor doesn't have the discretion to hold items back from a beneficiary.

What is a lien on a property?

A lien is a claim against property made by someone in order to secure payment of a debt. The lien essentially makes the property collateral against monies or services owed to the other person or entity.

Can a lien be clouded?

Whether by the homeowner's choice or the actions of a disgruntled creditor or contractor, there are a number of ways that the owner's title to the property can be "clouded" by the existence of liens meant to secure payment. If you are a property owner, you want to own your property “free and clear” of anyone else’s claims.

What is a tax lien?

Tax liens are imposed by the federal, state, or local government based upon back property taxes that are due and owing against a particular parcel. Not only can these seriously impact your credit report, but until they're paid off, they hamper your ability to sell the property.

Do you have to remove a lien before selling a property?

The law does not require that liens be removed before title to property can be sold or transferred. But the lien will need to be cleared up if the buyer needs financing or wants clear title. If property is transferred without the lien being paid off, it remains on the property.

What is a construction lien?

Construction liens are usually the result of unpaid renovations conducted on your property. As an example, imagine that you hire a contractor to re-landscape your backyard. You give the general contractor a sum of money to complete the job, which might include planting, installing a pool, and constructing a fence.

What is a perfected lien?

Perfected liens are those liens for which a creditor has established a priority right in the encumbered property with respect to third party creditors. Perfection is generally accomplished by taking steps required by law to give third party creditors notice of the lien.

What happens if you sell a property with a lien?

If you are planning on selling property that has a lien on it, it is unlikely that the sale will close unless the debt is taken care of. A buyer will expect liens to be paid to allow for a transfer of clear title.