Selling your home is not an easy process. It requires so many costs and if you have to pay a big commission to the agents then the cost becomes huge. If you have decided to reduce this cost and sell your home without a realtor then you don’t need to worry about the legal process. In this article we are going to discuss the documentation you will do while selling your house with a realtor. The first thing you need is a title company and in some states you also a lawyer. The paperwork you need to deliver to the title company is different for different states. It also depends on your sale type. But there are some documents which are necessary for every homeowner in every state. The details of these documents have been given below
Residential Sales Contract
This document covers all the details related to your sell which include price, date, conditions on which the sale of being made, conditions on which the sale will be terminated. This is a very important document. As in case of any dispute the case will be settled by the sales contract to make you read it carefully.
Residential Property Disclosure
In terms of legal documents and their importance residential property disclosure is very important. This document can get you into trouble if it is not filled honestly. This is the document which sellers present to the buyer. This is a disclosure document and it should be filled with complete honesty, otherwise legal charges can be there against the seller.
Lead-Based Paint Addendum
If your home was built before 1978 then the federal government requires Lead-Based Paint Addendum. It is also important that you present a Lead-Based Paint Addendum to buyer and he/she has 10 days to inspect the home.
Offer and Counteroffer Forms
You can skip this paperwork but it is advised not to. To avoid any misunderstanding the seller should require the buyer to fill out an offer form and present it to the buyer. The buyer can then accept it or make a counteroffer. It is also important that the Details in this form and sales contract should be same otherwise it can bring some troubles in future.
Homeowners Association
If your home requires a membership in a homeowners association then you’ll need to get two additional documents at this step. These are a resale certificate and an addendum covering mandatory homeowners association membership
Title Documents
This should be the last paperwork and step. At this point the buyer and seller can both manually agree on a title company and then let them handle the title transfer of property. You can find many in your areas or you can search phone books like old schools and get a good title company. You need to handle your paperwork to the title company and then you can sign your sales contract. Although, it can take some time because the buyer loan needs to get approved first but Title Company can help you close the deal from this step on.
These are all the essential paperwork which you need if you’re selling your home without a realtor. The documents can be more in some states just check all the required paperwork for your state before selling your home.
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