A: Purchasers will need certified funds/ cashiers check for closing Attorney will usually let you know 24 hours prior to close what the amount will be. A good mortgage lender will also give you a heads up about an estimated amount and then follow this through to the closing.
In today’s tougher economic times…you can negotiate a certain % of closing costs to be paid by the seller. So–if you are buying a property…always have your realtor discuss how much closing costs can be negotiated to be paid by the seller. If you are going for a rock bottom price…odds are the seller will be less likely to pay all or some of your closing costs. BIG POINT–it doesn’t hurt to ask!
Closing costs and pre-paids (listed above in #1-#8…are very dependent on the size of the loan)…generally $2500-6500 can be expected in closing costs & pre-paid items (setting up your escrow).
Credit: Russ Ogden, Nola Lending Group LLC
A: In most cases the seller should provide the purchaser with a list of utilities and then the seller will call first and request a transfer as of the close date.
The purchaser will then contact said utility companies and request the service to be transferred into their name on the date of close or sometimes to be safe if the buyer and seller both agree this can be scheduled fornthe day after the closing.