Propane Gas Proration:
The standard residential contract provides in Paragraph Nine that the propane gas will be paid by the Buyer at closing to the Seller. Normally, the Seller or their Realtor calls the propane company to assist in calculating the amount of gas in the tank and the current market price. AmeriGas has recently changed their procedure which could mess up the contract practice. If AmeriGas is aware of a pending sale, they sometimes will put a lock on the actual propane tank and will pay the Seller directly for the propane prior to closing. (AmeriGas claims they only "lock the tank" when asked to do so.) AmeriGas then expects to be paid by the Buyers for the gas before they will remove the lock. Accordingly, if your closing has an AmeriGas propane tank someone needs to verify prior to closing as to who actually owns the propane (the Seller or AmeriGas).
Please contact me if you have any questions.
William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville, Virginia
434-973-7474
Tucker@TGBlaw.com
http://www.tgblaw.com/
http://www.tgblaw.blogspot.com/
Jun 18, 2009
Tip 20-2009: Recording Costs
Recording Costs:
In a prior tip (8-2009) I mentioned the problem of recording costs being charged on the higher of purchase price or the localities real estate tax assessment. In some cases, with the purchase price being considerably lower than the tax assessment, the recording cost paid could be hundreds of dollars more than estimated. My law firm has been successful lately in most of the local clerk's offices in basing the recording cost on a current private appraisal (usually obtained from the new buyer's lender). We have a form which we take to the Clerk's Office along with the current appraisal, which allows the Clerk to base the recording cost on the appraisal (thereby saving money for the buyer).
Please contact me if you have any questions.
William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville, Virginia
434-973-7474
Tucker@TGBlaw.com
http://www.tgblaw.com/
http://www.tgblaw.blogspot.com/
In a prior tip (8-2009) I mentioned the problem of recording costs being charged on the higher of purchase price or the localities real estate tax assessment. In some cases, with the purchase price being considerably lower than the tax assessment, the recording cost paid could be hundreds of dollars more than estimated. My law firm has been successful lately in most of the local clerk's offices in basing the recording cost on a current private appraisal (usually obtained from the new buyer's lender). We have a form which we take to the Clerk's Office along with the current appraisal, which allows the Clerk to base the recording cost on the appraisal (thereby saving money for the buyer).
Please contact me if you have any questions.
William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville, Virginia
434-973-7474
Tucker@TGBlaw.com
http://www.tgblaw.com/
http://www.tgblaw.blogspot.com/
Tip 19-2009: Short Sale (General Observations)
Short Sale (General Observations):
My new rule regarding short sales is that "There are no rules". Each short sale approval is different. In fact the approval process can change daily with the same lender. The only good news is that the short sale lenders seem to be more receptive to reviewing and usually approving the short sale contract within a shorter period of time. (Thirty to sixty days seems most like the norm, but remember there are no rules).
I still believe that every short sale that is approved within the Central Virginia marketplace is important and necessary. Each successful short sale means one less foreclosure (one less empty house) to have a negative impact on real estate values.
Please contact me if you have any questions.
William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville, Virginia
434-973-7474
Tucker@TGBlaw.com
http://www.tgblaw.com/
http://www.tgblaw.blogspot.com/
My new rule regarding short sales is that "There are no rules". Each short sale approval is different. In fact the approval process can change daily with the same lender. The only good news is that the short sale lenders seem to be more receptive to reviewing and usually approving the short sale contract within a shorter period of time. (Thirty to sixty days seems most like the norm, but remember there are no rules).
I still believe that every short sale that is approved within the Central Virginia marketplace is important and necessary. Each successful short sale means one less foreclosure (one less empty house) to have a negative impact on real estate values.
Please contact me if you have any questions.
William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville, Virginia
434-973-7474
Tucker@TGBlaw.com
http://www.tgblaw.com/
http://www.tgblaw.blogspot.com/
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