The legal processes you have to go through when you decide to sell your home can be overwhelming, especially dealing with all the required paperwork. But if you know what to prepare, it could make things easier and would require you less time to fuss over documents you don’t need after all.
If you are going to sell, here are the paperwork you need to get and have on hand in order to get the home selling process rolling.
Agency Agreement
If you are working with an agent, it is wise to secure an agency agreement. This agreement makes you a top priority for your agent. That entitles you to the receiving end of good, quality service, confidentiality, and priority. This agreement allows you to establish a legit business relationship with your agent and for him or her to arrange professional services on your behalf.
Business Affiliation Disclosure
It is common for people in the business to be networked. Your lawyer may be affiliated with a broker, or your agent may be connected to some lenders. But their internal network should not oblige you to do business with any of their connections. This is what a business affiliation disclosure is for. Your broker must inform you of the existence of such affiliations and partnerships and free you of the automatic engagement that may come from its non-disclosure. You, as a seller, must be free to choose who to deal and do business with.
Listing Agreement
A listing agreement is a contract between you and a broker that gives them the green light to list your property for sale. Once it is sold, they are entitled to receive a commission for it. Advertising and marketing may also be covered by the listing agreement.
Property Disclosure
This paperwork documents the damages and defects of the property in question. It asks detailed questions about structural and system issues you’ve had with it and if there are any, what steps have you undergone to fix them. This also includes improvements made on the home.
Agreement of Sale
This serves as your contract with the buyer that certifies your agreement with his or her offer. The offer is contained in a seller’s net sheet, which tells you the amount of money you will be receiving after all your mortgagebalance as well as all the closing costs have been taken from the sale price. This document details the purchase price, inspections and financing deadlines, the date of closing, as well as the conditions you must meet first before the sale can proceed.
HUD Sheet
This document contains the closing statement. It lists all the cost of closing and assigns them to both buyer and seller, respectively.
Other Necessary Documents:
- documents related to title and ownership including property survey, certificate of occupancy, etc.
- mortgage papers
- tax records
- records on home insurance
- records and receipts that document improvements made on the home
- repair and maintenance records
- all documents related to a homeowner’s association(if applicable)
