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December 5, 2008
hand off from old owner to new owner
I am closing on 12/15. The current owner has 5 days to move out. So is that 5 days starting 12/16?
Also, how do you work out getting the electic, water and gas transferred?
Any other tips?
Comments
Get your lawyer to draw up something specific about the owner staying. usually there is a per diem rent charge as well.
On your second question....you call them
Posted by: daveinbedstuy at December 5, 2008 5:24 PM
Normally, they should be out by the closing date since on the dat of the closing, you should have a final walk-thru to confirm the house is fine.
You should call the utility companies now and tell them when you're want to start the meter, normally on closing date.
Posted by: zuffy at December 5, 2008 5:35 PM
I'd ask for some amount of money to be held in escrow to prevent the owner from taking fixtures or causing any damage to the place from the time you take ownership until the time s/he moves out. If s/he vacates without incident, you release the funds from escrow. Take pictures/video at your pre-closing walk-through to document the condition of the place, in case there are disputes.
For utilities, the water billing automatically changes when the property changes hands. We got a form at our closing to send to the DEP that said we were responsible for the water/sewer bills from closing date onward. You can also download the form online and send it in yourself after closing. For gas and electric, you'll have to call National Grid and Con Ed - they will take down the date you want to start paying for service but may also need a confirmation call from the current owner to confirm the billing transfer.
Posted by: zeebee_in_bklyn at December 6, 2008 3:37 PM
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