Home Buying in Queens>Question Details

New Homebuyer, Home Buyer in Nassau County, NY

If I am getting a sellers concession when do I pay the lawyer, engineer, inspector etc?

Asked by New Homebuyer, Nassau County, NY Fri Mar 29, 2013

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Your agent and or attorney can better advise; generally an inspection is before contract, and the licensed inspector will need payment after inspecting the premises; as for the attorney, ask him/her the question...
1 vote Thank Flag Link Fri Mar 29, 2013
You pay the inspector and engineer upfront when they complete the inspection. You pay your attorney at closing and you pay your homeowners insurance 1 year upfront right before closing.
1 vote Thank Flag Link Fri Mar 29, 2013
Engineers & Inspectors are paid up front. The attorney is paid at closing.
0 votes Thank Flag Link Tue Apr 2, 2013
The engineer, the appraiser are paid cash and ussually will not wait for closing. A lawyer may ask you for a binder usually $500 and get the balance paid at closing. These are all partsof closing costs that may be financed with a seller's concession. All is done by accounting adjustments at closing eventhough you may have paid them already. the amount of your down payment is adjusted. Your lawyer may ask you to bring less cash at the closing.
0 votes Thank Flag Link Mon Apr 1, 2013
I spotted numerous typos in my reply below. Sorry! I hate typing on my iPhone!
0 votes Thank Flag Link Sat Mar 30, 2013
Having the home inspected by a licensed professional is paid to that person at the time of the inspection. The costs very depending on the size it the house and the number of tests you have performed. (Approximately 300-500 where I work.)

The sellers concession usually covers the costs that get paid at the closing table because that's when those funds become available. The buyers bank sends a wire transfer (usually these days) and the attorneys will delegate those funds to various sources like the seller to pay for the property, reimbursing property taxes that were prepaid by the seller, perhaps oil that was prepaid and remains in the tank for your future use, your attorney fee, your title insurance, the real estate commission (deducted from what the sellers side), other fees and taxes....

Basically your loan comes to the closing table like one big bag of money and gets disbursed by the attorneys. (Your attorney protects your interests long sure you are paying for only your share.) If by chance any money happens to be left over, they may write you a check. (Because you are the one paying it all back over time, right?)

Hope that helps!

Best of luck :)
0 votes Thank Flag Link Sat Mar 30, 2013
Engineers and inspectors are paid at the time of their transaction with you.
Lawyers are paid at closing. Depending on the terms of your concession , these cost could be credited back to you at closing.
0 votes Thank Flag Link Fri Mar 29, 2013
If you're eating an engineer's report, you pay that upfront the way you do appraisals. This would obviously happen at the very beginning of the purchase process. Your attorney may take part of their fee upfront when you sign contracts and the balance due at closing, some just have you pay the entire fee at closing.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648
0 votes Thank Flag Link Fri Mar 29, 2013
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