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SELLER'S
ADJUSTMENTS AND ADDITIONAL COSTS AT CLOSING
The
following are common adjustments and costs made at closing. Other
adjustments may be required in your transaction.
-
Tax Adjustment: You will be responsible at closing for paying
that portion of taxes up to the date of closing.
- Sewer
Use Charge/Assessment (if applicable): You will be responsible
at closing for paying that portion of the assessment up to the
date of closing.
- Water
Adjustment: Water charges, if any, shall be adjusted at the time
of closing. We will contact Regional Water Authority/Bridgeport
Hydraulic to obtain a water adjustment prior to closing. You will
be responsible for paying water charges up to the date of closing.
- Condominium
common charges (if applicable): You will be responsible at closing
for paying that portion of the common charges up to the date of
closing.
- Heat:
Fuel oil and cooking gas, if any, shall be adjusted at the time
of closing. Customarily, the purchaser pays the seller for a full
tank of fuel oil and propane gas, if any. The tank will be filled
just prior to the closing and a bill will be presented to you
at closing for the full tank of fuel.
- Telephone:
You should contact Southern New England Telephone Company regarding
transfer of telephone service at 1-800-648-3920.
- Electricity:
Prior to closing, you should contact United Illuminating, the
electric utility serving this area, to cancel your account with
them. The electric meter will be read by the utility company prior
to closing, and the seller will be billed for electric usage up
to the date of the meter reading.
- Gas:
Prior to closing, you should contact Southern New England Gas
Company to cancel your account with them. The gas meter will be
read by the utility company prior to closing, and the seller will
be billed for usage up to the date of the meter reading.
- Recording
fees: The town clerk will charge $10.00 for the first page and
$5.00 for every page thereafter for recording the release of mortgage,
if any. Recording fees are usually $13.00 or $18.00 for one release
of mortgage. In addition, effective 7/1/2000 there is a $3.00
per document surcharge for recording in Connecticut.
- Conveyance
tax fees: You will be responsible at closing for paying the state
conveyance tax due which is $5.00 per one thousand (.005 x purchase
price) and the town transfer tax which is $1.10 per one thousand
(.0011 x purchase price).
- Brokers
commission: You will be responsible at closing for paying the
commission due the real estate broker(s), if applicable.
- Overnight
mail: You will be responsible at closing for paying any overnight
mail charges in connection with your sale.
- Often
times, the Buyer(s)' lender requests financial or other information
from the Buyer(s) which may take a considerable amount of time
to be obtained and reviewed. For this reason, the Buyer(s)' attorney
may request that we extend the mortgage contingency date. Unless
you otherwise direct, my practice is to allow one, one (1) week
extension of this date. If further time is needed, I will then
contact you for authorization to extend the mortgage contingency
date a second time.
- Please
notify us if you have any work done on your property for the period
of ninety (90) days prior to the closing date. This includes any
work done at the request of the Seller. Please save any receipts.
- Please
let us know if you have a survey of your property. You will need
to bring this to the closing.
- Please
inform us if you have any unusual aspects of your property boundaries
such as a shared driveway or overlapping of a neighbor's fence,
etc.
- Please
notify us if you have a home equity line mortgage on your property
so that we can give you appropriate instructions regarding the
use of checks prior to the closing.
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