Peter Mohylsky (PMI. Destin)

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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

My title company provides an estimated closing statement for buyer and seller clients.  Title and Escrow are the same in my county. 

I do not believe it is a legal requirement in California. I have always provided one to my clients. 

I believe the lender is required to provide closing cost information in the closing CD.  

May 25, 2022 09:01 AM
Rainmaker
439,740
Shayne Stone
HomeSmart - Fulshear, TX
"Your Rock Solid Choice Realtor"

Not in the state of Texas. And glade it's not. As I prefer to provide estimates and not have the responsibly of being held accountable for something I have no control over except for the Sale Price!

  

May 25, 2022 01:58 PM
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Anna Banana Kruchten CRS, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

My clients receive a estimate from my office before we open escrow. I let clients know it's an 'estimate and figures most likely  will change in escrow once they have final figures on all items.

Escrow agent sends me the final settlement statement for review  3 or 4 days before COE and then goes over it in detail with clients with clients at signing (whether that's via net or in person)

 

Is it a requirement?  No.

 

 

May 25, 2022 11:40 AM
Rainmaker
2,080,299
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

If I were still an active Broker I would avoid that unnecessary paperwork in fear, as you say, that the numbers may not match up at closing with the final closing statement or ALTA.

May 25, 2022 09:12 AM
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Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Hi, Peter

   When I started with Coldwell Banker, it was a given that you did a Seller's Net Proceeds, and/or a Buyer's Estimated Cost to Close.

   I moved on to Century 21.   Two different offices.  The Broker of my second C21 office said, "No!  Leave that to the Title Company, the Lender, or someone else.  Too much liability for the agent and the Broker if you get it wrong."

   From that day to this, I don't do either calculation.  Yes, I discuss it verbally at the time of listing with a Seller, or upon the first meeting with the Buyer ("Did the Lender discuss the costs with you, give you a sample CD, or some other breakdown?").   But I won't prepare or put my signature on any net sheet or cost to close itemization.  

May 25, 2022 09:02 AM
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

No and am no longer in the habit of giving them a written net sheet, but I do tellt hem what their costs are in the offer to X minus those then minus any liens 

May 25, 2022 09:02 AM
Rainmaker
1,024,527
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

Provision of an Estimated Seller's or Buyer's Net Sheet is provided by the title/escrow companies for us and our clients. It is sent to me for review and then I sent it to my client.

Nailed by Kathleen Daniels, Probate & Trust Specialist 

May 25, 2022 05:17 PM
Rainmaker
7,038,403
Roy Kelley
Retired - Gaithersburg, MD

Our title companies provide the information.

May 25, 2022 02:07 PM
Rainmaker
849,472
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

It's not a requirement in Connecticut, but I have done that for clients, especially when introducing various different scenarios or numbers.

May 25, 2022 11:30 AM
Rainmaker
945,841
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Prior to closing? Prior to accepting the offer! 

May 25, 2022 05:17 PM
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Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

We provide one when we list the property, and the title company provides one a few days before closing, not sure if it is the law, however it is policy here.

May 25, 2022 09:24 PM
Rainmaker
789,633
Brenda Mayette
Miranda Real Estate Group, Inc. - Glenville, NY
Getting results w/ knowledge & know-how!

Not in NY's Capital Region.  We leave that to the lender & attorney.  I'll help map out a general idea IF requested but no way I'm putting my name on it or making any guarantees associated with it... That's one of those things that's outside of my wheelhouse and that's when trouble can happen.  ;)

May 26, 2022 04:47 AM
Rainmaker
4,569,338
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

When listing property I provided an estimated net sheet subject to verification of the numbers. Once listed and under contract the title company or attorney took over. It was disclaimed as an estimate only based on the fats known at the time.

May 26, 2022 04:46 AM
Rainmaker
1,056,263
Doug Dawes
Keller Williams Realty Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

We have the ability to do that but it is not a State requirement for an agent in MA as far as I know. U

May 26, 2022 04:44 AM
Rainmaker
529,377
Buzz Mackintosh
Mackintosh REALTORS - Frederick, MD
“Experience, reliable, leadership”

Maryland does not require, but I always provide a net sheet with a +/- estimate. Title companies also provide one and have a calculator to estimate a Seller's net on their website.

May 26, 2022 04:12 AM
Rainmaker
5,325,778
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I do provide a net sheet to my Sellers, and on that sheet, it says it is "approximate", and usually do a more accurate one once they receive an offer, and everyone knows the numbers.

May 26, 2022 05:59 AM
Rainmaker
870,828
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

Most title companies will provide them. I sometimes still do one just for practice to see how close i am to the one done by title company.

May 28, 2022 10:09 AM
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Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate Brokered by Real - St. George, UT
St. George Utah Area Residential Sales Agent

The title company provides that to both buyer and seller.

May 26, 2022 04:07 PM
Rainer
353,712
Caroline Gerardo
Licensed in 20 states - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

I do not know of any state license for agents/ Realtors/brokers. I'm NMLS licensed in 20 state so not in any of those. Lenders are regulated tightly to disclose to buyers only. It would be near impossible for an agent/Realtor to know a seller's exact payoff, what liens float around out there, and taxes due. I advise you to steer away from giving a net sheet without the preliminary title report, statement of information reviewed by title officer, and actual payoffs. Too many moving targets

May 26, 2022 01:59 PM
Rainmaker
816,539
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
Carolina Life RealEstate & Relocation 919-602-8489

Our office requires it for sellers. I don't believe it is a rule. It's a good practice so there aren't any surprises. It is also a good idea to make sure the seller has the equity to payoff their mortgage. Not as big of an issue in this market but it can be in a down market.

May 26, 2022 09:01 AM