In this edition of the Utah Real Estate Podcast, we talked about:
- The costs associated with closing on your house
- The four parties at closing
- Take your time during the walk through
- Trust but verify and documenting everything
- Document and disclose
Press the ‘PLAY’ button to listen to Utah Real Estate #21: Closing Costs and Final Walkthrough
YOUR CALL TO ACTION
If you’re looking to buy or sell a house in Utah, please call or text me (Patrick Wiscombe) at (801) 874-7717.
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Cool Voice Guy: Its real estate news you can use, this is the Utah Real Estate podcast, giving you free expert advice, and tips if you’re looking to buy or sell a house, and now, here are your hosts, Roger Zundel and Patrick Wiscombe
Patrick Wiscombe: The Utah Real Estate Podcast is brought to you by Weichert Realtors at the Rockies. If you are looking to buy or sell a house in Utah, please call Patrick Wiscombe at area code 801-602-5850. That number again area code 801-602-5850.
Patrick Wiscombe: It’s the Utah Real Estate Podcast, my name is Patrick Wiscombe. Coming up on today’s edition of the Utah Real Estate Podcast; closing costs and scheduling a walk through. Joining me for the podcast, as he does every single morning is Greg Hales, the Commercial Real Estate Manager at Weichert Realtors at the Rockies. Good morning.
Greg Hales: Thank you, good morning.
Patrick Wiscombe: Let’s talk about scheduling a walk through and closing costs. That means the finish line is almost in sight. Let’s start with closing costs.
Greg Hales: Closing costs tend to be a little scary. Your title company or your agent can walk you through each and every cost associated with that. Don’t be afraid to ask questions. They’re going to pro-rate your insurance. They’ll pro-rate your taxes. They’ll pro-rate any other costs. You’ll have a commission clock cost, closing costs, title work, title report, inspections, etc. At first, you’re going to look at them and may get a little overwhelmed. Ask your agent to sit down with you and explain each and every one. If he or she can’t answer the questions, get your title officer on the line. Ask them to walk you through this. We’ve said this before Patrick, and I use it too often but, explain it to me like I’m a third grader. They can do that. Don’t be afraid to ask that. I use that often.
Patrick Wiscombe: Here’s a perfect example of what you’re talking about. You buy and sell real estate all the time. For example, a guy named Jake Moss who does title insurance reports, we work with him. A lot of people don’t know that there is a network of people that we work with that specialize so we can always answer those questions.
Greg Hales: I’ll give you a perfect example on that right now Patrick. I’m helping an individual get a real estate transaction closed this week. I’ve been in the business for over 20 years. I got his preliminary report on the title and a first draft of a closing statement. Even I had two questions. I called Jake right up, asked the question, he just simply answered them, allowed me to allay any concerns I had, and understand exactly what’s on the document. There are going to be three parties for your closing. When I say final closing costs, you’re going to have a trustee or what we call a mortgage; people use that, a loan on your home. You’re going to have a title company providing the title and you’re going to have the buying and the selling agents working closely with you. So you actually have four parties who are going to communicate and each one contributes to the closing and/or the final closing cost of your sale or your purchase.
Patrick Wiscombe: Alright so that’s closing costs, let’s go through scheduling a walk through the house. Why is that required or necessary?
Greg Hales: A lot of people kind of minimize that. It’s really important. We want to know what we are buying, and you want to know what you are selling. By the time you do your final walk through and it has happened more than once, somebody will walk through and say, “Oh Mr. Smith, I thought that light was going to stay.” Well, was it on your contract? That it was excluded or included? You will find that all the time on your final walk through. They will also want to know your condition. Did you punch holes in the wall before you left? Did you clean up something you said you would? Did you repair something that you said you would? That is really critical on your final walk through because the term final is true. Once that’s done, you’ve signed off on it, you’re getting what you are get, and you’re selling what you are selling.
Patrick Wiscombe: Basically trust but verify.
Greg Hales: Absolutely. There’s no problem, and your agent will tell you this, in verifying everything. You should be welcomed to verify everything.
Patrick Wiscombe: Any problems that you find during the inspection or throughout this whole process, they should be documented so everything is up front so there are no hard feelings or friction as you come to the settlement which is the last part in this step.
Greg Hales: Absolutely. The last thing you want is somebody to come to a settlement and they say, “Oh by the way, we thought that chandelier was staying. It says it’s on the contract and you just spent three hundred dollars taking that chandelier down, packing it away, and moving with it.” You may have committed to leave it and/or on the contract it might have said no, it’s excluded and it’s not staying with the house. You don’t want any surprises when you get to closing.
Patrick Wiscombe: So the best advice we can give you, document everything.
Greg Hales: Document and disclose; those two. If you want to document and disclose everything, your buying experience and selling experience will be a tremendous for you.
Patrick Wiscombe: That will do it for today’s edition of the Utah Real Estate Podcast. Remember, you can pick up the podcast on my website, patrickwiscombe.com, and you can subscribe to it in iTunes. We’ve got a link to it on patrickwiscombe.com. Last name is spelled Wiscombe and if you are looking to buy or sell a piece of property within the state of Utah whether it be you, your friends, family, co-workers, please call us. We’d be more than happy to help you. My cell number and text number to get a hold of me and Greg is area code (801) 874-7717. For Greg Hales, the Commercial Real Estate Manager at Weichert Realtors at the Rockies in American Fork, Utah, my name is Patrick Wiscombe. Thanks for listening; we’ll talk to you tomorrow.
End Cool Guy Voice: Helping you buy or sell a house, this has been the Utah Real Estate podcast, with your hosts Roger Zundel and Patrick Wiscombe, sponsored by Weichert Realtors, and heard exclusively on attherockies.com