Posts Tagged ‘water sewer escrow’

Clarkston MI- Are Final Water Bills Settled At Close or Possession?

The question above, or variations of it, was a search term that was used a few times to find my seller blog this week. It’s a good question. After selling real estate for a while it’s easy to forget that most sellers only go through this every few years at most and often times as long as 10, 15 or 20 years since the previous real estate transaction.

The correct technical answer is– whatever is written in the purchase agreement.

Typically any past due bill will be paid at close and if there is any possession after closing, then there is a dollar amount escrowed until the seller moves out and a final water bill issued. The bill is paid out of the escrowed money and the rest returned to the seller. If there is no possession we try to get a final water bill for the closing and it’s paid from the proceeds. If that doesn’t happen for some reason, money will be escrowed until the final reading.

Jackie Hawley
Keller Williams Realty, Clarkston
cell: (248)736-6407

Seller Concessions for Dummies

How I Market My Listings

What to Expect on the Listing Appointment

What Costs are the Seller Responsible For?

What Happens if the Appraisal is Low?

Why are the Buyer and I Both Paying for Title Insurance?

Read Full Post »