Monthly Archives: September 2012

Cleveland Home Buyers Face Unusual Obstacles

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When it comes to buying a home in Cleveland, we have some customs that are unique to our area. Therefore, those who are relocating from another state need to be aware of these oddities in order to ensure a seamless transaction.

WHAT MAKES BUYING IN CLEVELAND DIFFERENT?

Here are just a few things that are unusual to our area:

1.     No Round Table Closings – In many states, both buyers and sellers come to the closing at the same time. Then, papers are signed and keys are immediately given to the buyers. Please note that this is NOT customary here in Northeast Ohio as title companies are not set up for this type of transaction.

In our area, buyers and sellers may never actually meet each other. Also a buyer will likely sign their loan documents a few days before getting their keys. I have seen buyers get upset when learning they will not be getting their keys upon signing so it is very important to understand how things are done here.

2.     Point of Sale Inspections – Many Cleveland area suburbs have their own specific inspections. These inspections are ordered by the seller, usually prior to putting the home on the market. The specific municipality where the house is located sends their own inspector out to make sure it does not have any city violations. If there are indeed violations found, either the seller must fix them prior to title transfer or the buyer must assume them. Please note that this inspection should not take the place of a buyer hiring their own general home inspector.

3.     Real Estate Taxes Get Paid In Arrears – At the time of closing, real estate taxes will not yet be due and payable. Therefore, the buyer will receive a credit from the seller to make sure taxes are paid from when the seller lived in the property. This is usually a nice surprise for the buyer as it reduces the amount of money they need to bring into closing.

Every state and even some cities have specific nuances when it comes to buying or selling a home. This holds especially true to the Cleveland area. Failure to understand the rules of the game can cause a ton of unnecessary stress and sometimes a lot of money.

A good local real estate agent can be a tremendous help here.

 

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About The Authors

The above information is compliments of The Schuman Team, Amy and Dan, of Howard Hanna Real Estate Services.

They can be reached at 216-346-3235 or 216-403-9189 or via email, danschuman@howardhanna.com or amyschuman@howardhanna.com.

The Schumans service the following Cleveland area suburbs: Bainbridge, Bay Village, Beachwood, Bentleyville, Chagrin Falls, Cleveland Heights, Gates Mills, Highland Heights, Hunting Valley, Lakewood, Lyndhurst, Mayfield Heights, Mayfield Village, Moreland Hills, Oakwood Village, Orange, Pepper Pike, Shaker Heights, Solon, South Euclid, University Heights, Westlake, Woodmere.

Cleveland Home Buyers Face Unusual Obstacles is the property of The Schuman Team and may not be duplicated or used without their written consent.©September 2012