Matthew P. Metz

If you are selling a home and have a Home Equity Line of Credit (also known as a “HELOC”), you must “freeze” the equity line prior to closing. Like a standard mortgage, a HELOC is a lien against the property. However, a HELOC allows the homeowner to write checks against the HELOC’s funds.

If you are selling a home (including condominiums, if each unit has its own meter) and you have municipal water (as opposed to well or private water) you will have to obtain a final water reading for closing.

If you are buying a home, the typical contract will require you to provide approximately 10% of the purchase price at the time of contract (this is commonly known as the “down payment”).

If you are buying a home and are obtaining a mortgage remember two things: First, you will not receive the loan amount at closing. You will receive the loan amount minus expenses related to the loan.

Many younger people who are purchasing a home don’t typically write checks so they are unfamiliar with the difference between a “personal” check and a “bank” check (a bank check is also known as a “cashier’s” check). The difference between the two checks is critically important in a real estate transaction.