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Documents That a Seller is Responsible For when selling a home

September 11th, 2011 Leave a comment Go to comments

Documents That a Seller is Responsible For

Before you put your home on the market, there are certain documents that you should make sure that you have. Once you put your home on the market, you are going to be extremely busy talking to potential buyers, listing your home, staging it for open house, holding open house, and the many other things that go along with “for sale by owner” homes. This is why you should make sure that you have these documents. Including the self disclosure, before you even put your home on the market and get too busy you might forget to do them until the last minute.
The documents that you need include the following:

• Property Deed: This is the document that will show who legal owns the property or house. It is transferred from one owner to the new owner when the house is sold. The deed will generally show the size of the property. It there are structures on the property, it will also show the square footage of them.

• Property Taxes: These are valuable to a potential buyer as it will tell them how much the tax will be each year so the buyer can see how much extra a year they will have to figure in their body. These taxes are based on the estimated value of the property.

• Title Insurance Policy: This is the document that will show if there is any title insurance on the house. This type of document will protect against any problems that might arise with the title that are not revealed by a title search.

• Title Search Certificate: This document can help to strengthen the appeal of the property by certifying that there are no other claims on the property.

• Mortgage Information: Having all the mortgage information, including any second mortgages, will help in the negotiations. These will have the right payoff information and it will also assist in transferring money to the proper accounts

These documents are not necessary but are a goodwill gesture to the potential buyer.

• Inspection Papers: These types of documents will show the prospective buyer the structural integrity of the house even though the buyer will probably want to have their own home inspection done.

• Warranty Paperwork: If you are leaving any appliances behind in the home, you should make sure that you have these so you can show them to the potential buyer so they can see that the appliances you are leaving behind are still under warranty.

• Utility Bills: These will give a potential buyer an idea of how much their electric bills will cost in the winter and the summer. It will give them an idea of how much they should figure into their monthly budget.

When you get ready to sell your home you should also have a contract, or sales agreement drawn up by a real estate attorney. (To be discussed in later chapter)

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