One MORE thing not to forget before closing!

[David J Lepard]

Hi All, 

I recently learned an important lesson: Don't forget to require recently utility statements before closing on a property. I assumed this would be something title would do in all states. When I closed on my first property in New York State, we reimbursed the sellers for every dollar of what they'd paid toward utilities at the closing table. I found out the hard way this is not how it works in all states-- after our duplex closing in Wisconsin recently it turned out there was $600 worth of unpaid bills. In order to get power turned on our management company paid them and then we had to sort it out later. Luckily the seller was willing to pay her back bills, even months later. This just a lucky break for me however that the seller ended up being an very ethical individual. 

Which I guess leads to the bigger lesson: know what the local market requires at closing, and DEFINITELY educate yourself on what Title Companies will and won't check for in each state. 

Are there any similar tips you all have picked up on this topic? I'd love to hear them...

[Randi Plevy]

Something I've started paying closer attention to is whether a Seller who is getting a property tax rebate is actually entitled to it.  There are cases where the surviving spouse of a veteran for example continued to get the rebate years after the spouse became deceased.  After the transfer, the Department of Finance discovers the mistake and seeks to collect the back taxes from the current owner.  Ugly.