2007-08-23 15:10:59 · 21 answers · asked by Shanae H 1 in Business & Finance ➔ Renting & Real Estate
-----One micro second------ after the reconveyance from any lien holders has been recorded at the county recorders office, and after the deed vesting the new owner as the currant owner has been recorded at same county recorders office.
YOU are never free from E.P.A.’s reach if you have done any no-no’s on the property i.e. “meth” old motor oil etc.etc.
2007-08-23 16:38:26 · answer #1 · answered by Willems_grandpa 3 · 0⤊ 0⤋
In general when you sell real estate you transfer ownership by somme type of deed to the new owner, this is binding upon signing and will be final once recorded with the county recorder's office.
Secondly if you have an existing mortgage or any other liens against the property, once the mortgage company or whomever has a lien recives full payment and files a "release" with the recorder's office then you should be free.
Otherwise, the signed Deed transfers ownership and responsibility.
The title company will handle all this usually.
Hope that helps.
2007-08-23 15:22:30 · answer #2 · answered by LadyB!™ 4 · 1⤊ 0⤋
At recording.
Closing you just sign paperwork saying if this records these papers are worth something. The people who said closing have clearly either been really lucky or are new.
We have all been to closing and closed the deal and have something happen before recording that killed it. A followup phone verification to see if they are still employeed. And the borrower saying I closed I thought I could quit. The loan officer saying you never mentioned that to me.
You go to closing everything is fine. Next moring the title company has money and somebody 2 hours before put a tax lien on the property or a judgement. The title company cant give clean title anymore.
A lawsuit is filed before recording. I could go on.
There are a 1000 things that can go wrong between closing and recording. Usually they dont, but we all know they sure as hell can.
I say recording you are free. Good luck.
2007-08-23 15:20:47 · answer #3 · answered by financing_loans 6 · 0⤊ 0⤋
Once you sign all of the papers at the closing. Most contracts state an expiration date for your closing date i.e. on or before such and such date if you dealt with a REALTOR this should have been explained in your contract. Before your close review your HUD statement carefully to be sure your only charged the things your supposed to be charged for (hidden expenses add up) You want out but make it on your terms unless your in foreclosre then find an investor an make em a deal!
2007-08-23 15:30:39 · answer #4 · answered by Msteedawn1 2 · 0⤊ 0⤋
You will have no responsibility for the property after the closing. However, chattels included in the sale price of the home (fridge, stove, etc...) must be in good working order for 30 days after the closing. Should they break down during that time you may be asked to assume the cost of repairs. It is advisable to list your chattels in "as is" condition to avoid this potential expense. Taxes and utility bills are usually taken care of by the lawyers at closing.
2007-08-23 15:20:20 · answer #5 · answered by Anonymous · 0⤊ 0⤋
As a rule at closing but if for some reason their is like back taxes or things like that I think they have like a year. You should call up a Realtor and ask any of them should be able to tell you.
2007-08-23 15:19:57 · answer #6 · answered by Prof. Dave 7 · 0⤊ 0⤋
As soon as you and the buyers have signed the documents. However if there is anything wrong with the house you must disclose it as there may be a legal law in your state giving the new owner up to a year to hold you responsible for any undisclosed problems with the house.
2007-08-23 15:17:06 · answer #7 · answered by ♥♥The Queen Has Spoken♥♥ 7 · 0⤊ 2⤋
Until it gets sold... and you still have to pay the expenses for the house while it's up for sale... so you gotta hope somone buys it right away.
It's really hard these days to sell homes where I live... Not because the houses are ugly (they're actually very BEAUTIFUL, it's because of the loss in jobs.
2007-08-23 15:17:25 · answer #8 · answered by Meganrox 4 · 0⤊ 2⤋
You are responsible until you have a signed copy of your HUD-1 settlement statement after escrow closes with the new buyer and your name is off of the title policy.
2007-08-23 15:17:01 · answer #9 · answered by annazzz1966 6 · 1⤊ 1⤋
At the time of closing, then it's their baby to take care of. Just went through it, and also just purchased a triplex for renting.
I'm wanting to do some mowing at the triplex I just put into contract, but legally I cannot. I must wait until closing before I can do so.
2007-08-23 15:18:26 · answer #10 · answered by Wutz it worth 2 ya? 6 · 0⤊ 1⤋