At closing or settlement it is customary to make an adjustment between buyer and seller for property taxes and other expenses such as the homeowner owners association dues and any special assessments.
The taxes which are payable annually and in arrears will not be paid when the settlement occurs so the borrower will have to pay the seller's portion of the property taxes the following December 1st when they become due. However, the seller owned the home for part of the year, thus the taxes will be prorated accordingly and will be paid by the seller to the buyer for the portion of the year in which they owned the home at closing. This amount will show up as a credit on the settlement statement, and the seller will count this amount as a deduction from sums payable to the seller.
Similar adjustments are also made for homeowner association dues and any special assessments although the billing periods for these are often paid on a quarterly basis. These "prorations" are paid in advance so the seller will have to be credited with any prorated amount at settlement.
You will also have to notify all utility companies of the change in ownership and you may want to ask for a special reading on the day of settlement. Be sure to leave your new address for any final billing to be mailed.
RESIDENTIAL SELLER'S AGENT
A listing agent or seller's agent helps homeowners sell their home. Together they agree to a final price in which to list the property after reviewing the CMA. They provide advice on curb appeal throughout the entire home selling process including how to present the house. They market for buyers, show the house, hold open houses, and negotiate the sales contract when a buyer is secured. The buyer's agent is paid at closing once the deal is completed.
We can help you sell your current primary or secondary house anywhere around the Bradenton or Sarasota area, even if your home has a stigma attached to it. We are also equipped to handle homes located in the Four Corners area of Central Florida surrounding Walt Disney World.
How To Sell Your House in Central Florida, Manatee or Sarasota County
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COMPARATIVE MARKET ANALYSIS
A comparative market analysis (CMA) is an examination of the prices at which similar properties in the same area have recently sold. We will be happy to perform a comparative market analysis FREE of charge for our clients to determine a starting price when selling a home.
As no two properties are identical, adjustments may need to be made for the differences between the sold properties and the subject property to determine a fair sales price. A comparative market analysis is a less-sophisticated version of a formal, professional appraisal.
- Residential Listing Agreement: Sellers will be asked to sign an exclusive right of sale listing agreement with their broker.
- Sellers Real Property Disclosure Statement: Sellers are obligated by law to disclose all personally known material defects about their home to the buyer.
- Lead Based Paint Disclosure: This form is required by law only for homes built prior to 1978.
- Radon Gas: A seller must notify the buyer of the radon risk on at least one document, form, or application executed
- Foreign Investment in Real Property Act "FIRPTA" : A tax form required by the IRS withholding 10% of the gross sales
price for payment of foreign national seller's taxes thus preventing them from expatriating the proceeds before it can be taxed.
We can help Sellers in the Four Corners, Bradenton and Sarasota area!
Text or Phone Real Estate Places: 941-840-2444
Real Estate Places
5629 Windy Way
Bradenton, FL 34203