Our sale of our home has been put on hold due to a title issue. Although the house remains ours, an unexpected death in the family has created difficulties accessing necessary documents for transferring ownership of the property. Further complicating matters, the owner died before retirement so his estate could not relieve himself of this task. The executor or administrator is being very demanding regarding payment for their services in closing out the estate – here are some tips for dealing with title issues.
Wrongful Death Lawsuits
When selling a house that is part of a wrongful death lawsuit, your property won’t be transferred from you to the new owner until after the case has been resolved. Therefore, it may be better for you to wait until after the settlement amount has been received and then sell instead of creating an emergency financial situation. Need to sell your home due to health or age-related issues? This link may be worth checking out: https://www.as-ishomebuyer.com/sell-my-house-cash-memphis-tn/.
Most title companies will give an estimate of your property’s worth, and sometimes their assessment can be accurate. But bear in mind that value may change after waiting a while the property gets fixed up and marketed.
The Escrow Process
Title companies and escrow companies need to be paid promptly, which is essential for sellers. Though title companies tend not to have that many agents, it’s important for you to remember that they too have their own timelines and may not be able to accommodate all your demands. It is best to keep in mind that title companies have their own internal deadlines, so they will strive to work in your best interest as much as possible.
Property taxes will continue to be assessed during the escrow process, so make sure the buyer is aware of these expenses. You may want to provide them with a statement as proof so they won’t expect you to cover them after closing.
If you plan to wait until after closing to have utilities turned off, make sure the buyer knows. Otherwise, they could end up paying for normal usage beyond what is necessary during escrow.
Your buyer may require furnace and air conditioning inspection, home inspector or pest control services before closing. Additionally, make sure the buyer has a copy of your last insurance claims report as well as an archive copy of your electricity bill.