You’ve found your dream home and learned the seller is relocating for work. In many cases, their employee benefits package puts a relocation company in charge of handling the sale. This is good news!
Relocation companies are experienced in managing real estate transactions and have systems in place to help ensure a smooth closing. With a few extra considerations, you will be a proud homeowner in no time.
What to Expect When Working with a Relocation Company
- Additional Paperwork
The relocation company usually has addendums or exhibits to the contract. These documents are standard to help cover all relevant information.
- A Preferred Closing Attorney
Many relocation companies work with their own preferred attorneys who are familiar with their specific requirements and help keep the transaction on schedule.
- Limited Seller Disclosures
Since the relocation company has never occupied the home, they can only share information provided to them. Don’t be surprised if disclosures are more limited than in a traditional sale.
- Repairs and Maintenance Must Be Done Before Closing
The contract typically does not survive the closing, so any agreed-upon repairs or maintenance must be completed before settlement.
- Longer Document Execution Timeline
Because there are multiple layers of review and approvals to protect the seller and their employer, it may take extra time to finalize seller documents.
How to Protect Yourself as the Buyer
- Review All Addendums Carefully
Read every document closely and ask questions about anything unclear. GSH Attorneys can help navigate and explain these provisions.
- Verify All Seller Obligations Pre-Closing
Since you’re buying from a corporation, all financial matters (like credits or reimbursements) must be reflected on the Settlement Statement. No additional adjustments can be requested after closing.
- Understand Tax Responsibilities
Relocation companies do not re-prorate taxes after closing. If the current year’s tax bill isn’t available, be prepared to pay any increase from the prior year.
- Do Multiple Walk-Throughs
Conduct a walk-through 24–48 hours before closing to confirm repairs are completed and all contracted items (like appliances and fixtures) remain. Repeat the walk-through the morning of closing to check major systems like HVAC and plumbing. Report any issues right away so there is time for resolution.
- Gather Key Information Early
The prior homeowner will not attend closing, and relocation companies tend to sign documents in advance. So, be sure to get details like keypad codes, mailbox numbers, trash pickup schedules and utility information before settlement, or ask the seller’s agent to provide them at closing.
GSH Attorneys is Your Partner in a Smooth Closing
At GSH Attorneys, we have extensive experience guiding clients through these transactions. We’re here to answer your questions and help you understand every step of the process.
With six offices in Metro Atlanta and one in Columbus, GA, the law firm of GSH Attorneys (Goggans, Stutzman, Hudson, Wilson & Mize, LLP) provides high-quality, cost-effective representation and well-reasoned solutions exclusively for all types of residential and commercial real estate concerns. The firm’s vast experience and insight assists clients with their legal matters from start to finish. In addition to representing homeowners, developers, lenders, brokers, investors, and build-to-rent companies, GSH Attorneys also offers estate planning services and works with government entities, non-profit organizations, and housing authorities.