• Recordation and transfer (jurisdiction based) taxed for the sale. • Regarding prorations, fuel in tanks on the property sometimes becomes a contentious issue. Review the contract with your agent to understand how remaining fuel in tanks is handled, then manage the volume in the tank so that the buyer does not run out before they can take over the account and order more. • Any other fees sometimes paid by the seller (appraisals, inspections, buyer's closing costs, etc.). Understanding these costs in advance helps you evaluate offers more realistically and maintain stronger negotiating position when considering buyer requests for seller concessions. Your agent will prepare estimated proceeds statements for your convenience.
Spending Earnest Money (if you are selling alone)
If you are handling your own sale, do not believe that earnest money given at the time an offer is accepted is yours until the deal has closed and had been recorded. There are too many stories about sellers who spent the deposit money prior to closing. When the transactions did not occur, for reasons such as financing contingency or failure of inspection or repair issues, the buyers had to fight or sue for a refund. Another advantage to using a real estate agent is that the agent is a neutral party who will assure that the deposit will be held according to the terms of the contract and will be subject to the laws of your jurisdiction.
Forgetting to Cancel/Switch Utilities and Insurance
Many sellers overlook notifying utilities that they are moving or applying for utility service at their new home. Call the utilities
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