The buyer may forget to have the utilities switched to their name on closing day and then the utilities may get turned off. Before you arrive at your new home, make sure that your utilities are turned on. transaction process, What can go wrong? Will you get a COVID 19 vaccine if you have a chance? Set up the utilities Whether you're renting your first apartment or house or have just bought your property, one of the first steps is setting up your home utilities before moving day arrives. Most recent post: Living in McKenzie Square Wilmette IL, Chicago Cubs news and comprehensive blog, featuring old school baseball writing combined with the latest statistical trends, Pets available for adoption in the Chicago area. Part I is pretty basic - remembering to switch over your gas, electric, water, cable, internet, and phone service or you may find yourself paying someone else's utility bills in your old home and find yourself without utilities in your new home. But isn't that the buyer's problem? It's just not critical in their opinion unless your house is about to explode. Stuff happens and closings get delayed - or even cancelled. But it's Part II that is tricky and could actually stop a closing dead in it's tracks - believe it or not - and I have first hand knowledge of this topic. After 20 years in the corporate world and running an Internet company, Gary started Lucid Realty with his partner, Sari. Cubs Organizational Depth Chart: Lower Level Position Players, A scary-cool Halloween pop-up, A Week of Treats, benefits programs for inner-city kids, Chicago comedy online and in-person: Monday, October 26-Monday, November 2, 2020. Your heating system will need both gas and electricity in order to operate. You would think this is pretty straight forward. Electricity. Lose heat during a super cold spell and your water pipes could freeze and then break, which would result in catastrophic damage to the home. Generally, standard utilities and services include gas, electricity, water, waste... Set Up Your Accounts in Advance. Rarely does a buyer get a place that’s move-in ready. As a general rule though, give your utility providers as much notice as you can, especially if they need to come out and set up service manually. Once you’ve found out who your utility providers … How to Set Up Utilities When Buying a House Find Out Who Your Providers Will Be. No, it's the seller's problem because technically the seller owns the home until closing and if the buyer shows up for a final walk-through and the heat is not working and they can't verify the functioning of various appliances and it's going to be 5 days before the heat is back on (see below) then guess what? Some people assume the utilities will work once they walk in. Meet Basically you are trying to avoid an interruption of service in gas, electricity, or water - especially in the dead of winter. Gary Lucido is the President of Lucid Realty, the Chicago area's full service discount real estate brokerage. However, whether you are buying or selling a home, when it comes time to prepare for closing, you need to really be on top of switching your utilities. Please be sure to verify your email address when you receive the verification notice. What I'm saying is that both of you need to be on top of this and your message to the utility company is that there should be absolutely no interruption of service on closing day no matter what. How to Set Up Utilities. Y'all c'mon down to Jacksonville's open eateries, The best beer in every state, including Illinois. The company provides full service, while discounting commissions for sellers and giving buyers rebates. If that happens you want to be sure you still have heat - gas and electricity. The video below sums up their attitude even in the dead of winter. By the time you’ve signed a... 2. Two reasons: If you are the buyer you really don't want any problems on closing day so just be sure to switch the utilities over to your name on the morning of closing. Transaction Process. While many utility companies have... 3. So if you are the seller DO NOT switch off your service on the morning of closing unless you know for an absolute fact that the buyer is switching it on at the same time. Again, if you don't have a good credit rating or are just moving into your first home and haven't had services before, the company will probably ask for a deposit. 1. When it comes to general utilities, like electricity, gas, cable, phone, TV, sewer, and water, in most cases, the sellers cancel their service and the new buyers set up their new service. Once People's Gas turns off the gas you are totally screwed. Palms up! In addition to knowing which utilities you want, you need to set aside a budget so that in case you’re offered a long list of options to choose from, you know what you can afford. Remember that the security deposit can be, in some cases, quite … Real Estate in Chicago (and The Joffrey Ballet) Carry On! You would think this is pretty straight forward. You will need to set up each utility individually. our bloggers, You're getting ready to move into your new home. ©2020 CTMG - A Chicago Tribune website - If you want to keep up to date on the Chicago real estate market, get an insider's view of the seamy underbelly of the real estate industry, or you just think he's the next Kurt Vonnegut you can Subscribe to Getting Real by Email. When you get a bill from a government-owned utility it’s actually a lien against your home. There used to be … Plan renovations well in advance Please be sure to verify your email address when you receive the verification notice. post comments, or It’s generally advised that you start the process three weeks before you move, though some utility set-ups offer more wiggle room than others. It is best to switch it off the next day. Don’t pay and you might face legal bills and potentially even foreclosure. Yeah, I sort of just told both of you to cover closing day, which technically can't happen. Utility monopolies are now facing competitive pressures. It will be 5 days before they will come back and turn it on - even though it's a 5 minute project. Filed under: Tags: The big difference between the two is this: Don’t pay your bill and a private company is likely to cut off your service. If you think that I'm trying to scare you I am. I've seen short sales and foreclosures where this has happened and the damage can be horrendous. They can cancel the closing because the seller failed to maintain the home in the proper condition. You can owe money to both investor-owned utilities and community-owned utilities. But why should the seller pay the utilities while the buyer owns the home? What I need now is a good fortune-teller. pitch your blog idea. Crafted by the, About Getting Real – The Definitive Chicago Real Estate Blog, Hottest Chicago New Construction Neighborhoods 2020 - Condos/ Townhomes », Case Shiller: Chicago Area Home Prices Rise Faster But Still Slowest In Nation », Chicago Foreclosure Activity Remains Depressed Despite High Delinquencies », Hottest Chicago New Construction Neighborhoods 2020 - Single Family Homes », UBS: Chicago Homes Most Affordable Among 25 Major Global Cities », Chicago monthly real estate market update, Here's why you should vote for Biden and his cohort, Hey, Chicagoans, yearning for a bite to eat? For those of you who are moving across the country or to a new city, the usual steps in setting up utilities include the completion of an application (usually online), plus a credit check. When exactly do you schedule the switchover? How to Set Up Utilities in a New Home. Most recent post: Real Estate in Chicago (and The Joffrey Ballet) Carry On! You can't be absolutely certain that you are really going to close and you may end up still owning your old place at the end of the day. Chicago writer, editor and author blogs about today's political and public policy issues. I liked Brett Kavanaugh better when he was just a beer-guzzling rapist. However, whether you are buying or selling a home, when it comes time to prepare for closing, you need to really be on top of switching your utilities.
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