Selling a house may sound easy, but there is a lot of paperwork involved. It’s important to be prepared and have all the necessary documents ready before the sale goes through. Here is a list of seven documents you need when selling your house.
Deed
A deed is a legal document that provides evidence of ownership of real estate. It outlines the transfer of ownership from the seller to the buyer and should include the names of the parties involved, the property description and address, and any other conditions agreed upon. In addition, a deed may include other legal information such as any liens attached to the property or restrictions on its use. The deed must be signed and notarized and is usually filed in the public records in the county or state where the property is located.
Mortgage Bill
When selling your house, mortgage bill documentation is important to provide to the potential buyer. This document should list the outstanding balance of the loan and should be included with all other documents associated with the sale. This will allow the buyer to verify the mortgage balance and compare it to the purchase offer. Providing the mortgage bill upfront can help expedite the sale process and ensure both parties have accurate information.
Property Appraisal
An appraiser will evaluate your house by conducting a thorough physical inspection as well as researching the local market conditions to determine the fair market value. The appraisal report will provide the estimated value of the house which is based on local real estate comparable sales. This document is important for both buyers and sellers alike to gain a realistic understanding of the true worth of the house. It is also used to make informed decisions when entering negotiations for the sale price of the property.
Inspection Report
The inspector will take the time to thoroughly inspect the interior and exterior of the house, looking for any potential problems that could influence the condition or value of the home. These problems may include things like a leaky roof, pest infestations, bug infestations, faulty wiring, mildew or mold growth, visible condensation, rotted foundation framing, corrosion of plumbing, and much more. All of the inspector‘s findings should be documented in the inspection report in great detail to provide buyers with the necessary information to decide whether or not they want to continue with the purchase. In addition, the inspector may recommend further inspections or testing, such as a radon test or a sewer inspection, for added security and peace of mind.
Title Report
The title report proves the property is free of any claims or liens against it. It provides a clear view of the current ownership of the property, and includes information on how the ownership of the property has changed over time. This report should also include details such as the deed holder‘s name, the date and time of transfer, and the title holder‘s legal description of the property. Additionally, all past and current owners of the property should be included in the report to ensure the legal rights of the current owner are fully protected. The title report also may include any current mortgages or liens that are still unpaid and list any judgments or liens that may be attached to the property. Finally, the report should provide evidence of any encumbrances on the property, such as easements or rights of way.
Disclosures
When selling a property, the seller must disclose any defects or problems that may affect the property, such as prior water damage or pest infestations. This information allows the buyer to make a knowledgeable and informed decision about the purchase, and also allows the buyer to anticipate any repair or maintenance tasks that need to be completed after the transaction has been finalized. This disclosure is essential for the buyer to understand the condition of the property as well as potential future costs for maintenance or repairs.
Sales Contract
A Sales Contract is a legally binding document that establishes the details of a transaction between two parties, otherwise known as buyer and seller. It typically includes information such as: what product or service is being sold, the sales price, the quantity of product or service that is being sold, any payment terms such as installment payments, and what happens in the event of a default or breach. It should also include a closing date, which is the date when the transaction is finalized. It should be noted that a sales contract is only valid when both parties sign it.
Having all these documents ready before the sale is key to making sure the process runs smoothly. Make sure to double check and review all documents before submitting them to ensure everything is in order. Selling a house is a complicated process, but with the help of all the necessary documents, you can make it much easier.
Ready to close on the deal? Gather the 6 documents you need when selling your house in El Portal and give Down South Florida Home Buyers a call at (239) 766-6225 or send us a message at any time!