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Old 11-20-2015, 04:31 PM
 
10,255 posts, read 6,470,952 times
Reputation: 10826

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Is it the bank/realtor or do you just have to know and do it yourself? Lets say a month before closing time.

Puts the electric service in your name

Puts the water service in your name

Puts your home tax info into the roles and applies for homestead or other program? ( I know the taxes have to be paid thru mortgage too)

Since the home insurance is part of the mortgage the loan officer helped me set it up.

Or anything else that I have not thought of.
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Old 11-20-2015, 04:38 PM
 
Location: North Beach, MD on the Chesapeake
32,057 posts, read 39,100,535 times
Reputation: 40435
Quote:
Originally Posted by so954 View Post
Is it the bank/realtor or do you just have to know and do it yourself? Lets say a month before closing time.

Puts the electric service in your name

Puts the water service in your name

Puts your home tax info into the roles and applies for homestead or other program? ( I know the taxes have to be paid thru mortgage too)

Since the home insurance is part of the mortgage the loan officer helped me set it up.

Or anything else that I have not thought of.

Typically the buyer transfers the utilities to his own name.


The local Register and Recorder will put the house on the tax roles, or transfer it to your name, when the deed is filed. States will vary about Homestead Exemption notification. In MD the default is non-owner occupied so the buyer has to file for the exemption/classification.
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Old 11-20-2015, 04:39 PM
Status: "October is the eighth month" (set 14 days ago)
 
Location: Just south of Denver since 1989
10,671 posts, read 28,468,654 times
Reputation: 6842
Gas, electric, internet. tv, trash, mail, telephone, should all be transferred by the buyer for service to start day of possession.

Hazard insurance has to be in place by closing day.

Water (in Colorado) is transferred by the title company.

The recorder/assessor/hoa office/department transfers ownership when they get the paperwork from the title company at closing.
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Old 11-20-2015, 09:18 PM
 
Location: Georgia
4,514 posts, read 3,766,852 times
Reputation: 15511
Quote:
Originally Posted by so954 View Post
Is it the bank/realtor or do you just have to know and do it yourself? Lets say a month before closing time.

Puts the electric service in your name
Puts the water service in your name
Around here, utilities generally have to be arranged by the buyer, because often the buyer has to put down a deposit, or, if they are moving in the same locality, the service is being transferred from one house to another. Don't forget cable/internet. Or gas, if you are living in an area where natural gas is common.

Quote:
Originally Posted by so954 View Post
Puts your home tax info into the roles and applies for homestead or other program? ( I know the taxes have to be paid thru mortgage too)
Your home is already "on the tax roles." It's just a question of who is responsible for the payment. How the tax authority gets notified varies from area to area. Around here, the tax commissioner's office may or may not pick up the new name from the deed being recorded. So the new owner needs to be aware of when the tax bill is due. We recently had a client who closed within a month of the tax bill going out. The bill was addressed to the former owner, and was forwarded by the post office. The new homeowner wasn't aware of when the tax bills were mailed, and the former owner forgot to send it to her. The former owner got a second notice, the late notice, six weeks later and finally called the current owner to let her know. Her mortgage company hadn't made the payment, as they hadn't been aware of when the bill was due.

Around here, applying for homestead exemptions (as well as any other exemptions such as senior citizen, disabled or veterans) have to be made by the new owner.

Quote:
Originally Posted by so954 View Post
Since the home insurance is part of the mortgage the loan officer helped me set it up.
I sincerely hope you didn't just use an insurance company that the mortgage company said that it would put in place without shopping around -- they are usually very high premiums. Typically, you contact an insurance company and arrange your own insurance, with the mortgage company as a co-beneficiary. The first year's mortgage policy around here is usually paid just before closing, or during closing. The mortgage company collects a couple of months to start the escrow account, and then collects 1/12 of the total policy amount each month.

Quote:
Originally Posted by so954 View Post
Or anything else that I have not thought of.
Reserving movers or moving truck? Security system? Do you know how to wire the funds for closing? Take your ID to the closing (official ID, such as a drivers license or passport). You might want to consider having a locksmith visit the home ASAP to change the locks for safety purposes. Read your contract and see if there's anything else that you need to do in order to complete the contract.
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Old 11-21-2015, 03:19 AM
 
10,255 posts, read 6,470,952 times
Reputation: 10826
Quote:
Originally Posted by North Beach Person View Post
Typically the buyer transfers the utilities to his own name.


The local Register and Recorder will put the house on the tax roles, or transfer it to your name, when the deed is filed. States will vary about Homestead Exemption notification. In MD the default is non-owner occupied so the buyer has to file for the exemption/classification.
Thanks. We are still waiting for the appraisal and info on how to proceed with gift funds and then I can start to figure out how to transfer everything.

Last edited by LifeIsGood01; 11-21-2015 at 03:28 AM..
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Old 11-21-2015, 03:20 AM
 
10,255 posts, read 6,470,952 times
Reputation: 10826
Quote:
Originally Posted by 2bindenver View Post
Gas, electric, internet. tv, trash, mail, telephone, should all be transferred by the buyer for service to start day of possession.

Hazard insurance has to be in place by closing day.

Water (in Colorado) is transferred by the title company.

The recorder/assessor/hoa office/department transfers ownership when they get the paperwork from the title company at closing.
Thanks. Water seems to be the most complicated one down here, I'm curious as to what they will demand as proof. I can call the electric company and they just take my word for it and turn it on since I have a previous account with them.
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Old 11-21-2015, 03:25 AM
 
10,255 posts, read 6,470,952 times
Reputation: 10826
Quote:
Originally Posted by dblackga View Post
Around here, utilities generally have to be arranged by the buyer, because often the buyer has to put down a deposit, or, if they are moving in the same locality, the service is being transferred from one house to another. Don't forget cable/internet. Or gas, if you are living in an area where natural gas is common.



Your home is already "on the tax roles." It's just a question of who is responsible for the payment. How the tax authority gets notified varies from area to area. Around here, the tax commissioner's office may or may not pick up the new name from the deed being recorded. So the new owner needs to be aware of when the tax bill is due. We recently had a client who closed within a month of the tax bill going out. The bill was addressed to the former owner, and was forwarded by the post office. The new homeowner wasn't aware of when the tax bills were mailed, and the former owner forgot to send it to her. The former owner got a second notice, the late notice, six weeks later and finally called the current owner to let her know. Her mortgage company hadn't made the payment, as they hadn't been aware of when the bill was due.

Around here, applying for homestead exemptions (as well as any other exemptions such as senior citizen, disabled or veterans) have to be made by the new owner.



I sincerely hope you didn't just use an insurance company that the mortgage company said that it would put in place without shopping around -- they are usually very high premiums. Typically, you contact an insurance company and arrange your own insurance, with the mortgage company as a co-beneficiary. The first year's mortgage policy around here is usually paid just before closing, or during closing. The mortgage company collects a couple of months to start the escrow account, and then collects 1/12 of the total policy amount each month.



Reserving movers or moving truck? Security system? Do you know how to wire the funds for closing? Take your ID to the closing (official ID, such as a drivers license or passport). You might want to consider having a locksmith visit the home ASAP to change the locks for safety purposes. Read your contract and see if there's anything else that you need to do in order to complete the contract.
Thanks, the insurance was recommended by my loan officer. Originally I was going to buy a different home which had no AC or heat (you don't need heat down here) and she was the only one that had a company who would write a policy for such a situation. Turns out I could not proceed with that property due to a water compression problem which prevented the water from being turned on for the inspection. I did price other insurance companies and she seems to be a broker who can find me the lowest price.
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Old 11-22-2015, 03:43 PM
 
Location: Midwest transplant
1,984 posts, read 4,780,458 times
Reputation: 1508
Quote:
Originally Posted by so954 View Post
Is it the bank/realtor or do you just have to know and do it yourself? Lets say a month before closing time.

Puts the electric service in your name (The new homeowner)

Puts the water service in your name (The new homeowner)

Puts your home tax info into the roles and applies for homestead or other program? ( I know the taxes have to be paid thru mortgage too) (You'll be given the forms for this at closing...it's all part of the closing paperwork)

Since the home insurance is part of the mortgage the loan officer helped me set it up.If you were getting HOI on your own, you would have to shop and provide proof

Or anything else that I have not thought of.
Trash and recycling if you have to pay for this service at your new place.
Gas hook-up(if you have gas for cooking, heating)
Cable/internet service/landline (if you're having these in your home)
Make sure that previous owner has discontinued any lawn service, pest control or snow removal services. Otherwise they'll show up and expect you to pay for the work performed. Always a hassle to prove that you are now owner and did not contract for the service.
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Old 11-22-2015, 04:26 PM
 
10,255 posts, read 6,470,952 times
Reputation: 10826
Quote:
Originally Posted by teachbeach View Post
Trash and recycling if you have to pay for this service at your new place.
Gas hook-up(if you have gas for cooking, heating)
Cable/internet service/landline (if you're having these in your home)
Make sure that previous owner has discontinued any lawn service, pest control or snow removal services. Otherwise they'll show up and expect you to pay for the work performed. Always a hassle to prove that you are now owner and did not contract for the service.
okay thanks.

trash service is provided by the city and paid with taxes.
No gas, which I'm glad.
will call cable company to have that turned on, just need wifi and have a previous account with them.
I will ask about lawn service at closing. I think the tenant paid for it. He's Mexican I think and when I was in the laundry utility room I asked where he kept his lawnmower. I guess he was insulted because he said he did roofing not lawn work. It's not like I saw him and asked him hey buddy where's your leaf blower. No snow in south Florida, yay.
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