What Paperwork Do I Need to Sell My House?
Knowing what paperwork you need to sell your house is a crucial part of knowing how to sell your house. In this blog, we will look at some crucial documents that you will need to complete the closing. Fortunately, there are title companies like MacGregor Abstract that can help you navigate your RP5217 forms.
Selling a house necessitates a thorough understanding of the law. If you are considering putting your house up for sale, you should think about realtor commissions and regulations. You should also consider what would happen if a prospective buyer slips and falls on your property — we know it seems absurd, but it does happen. But most importantly, when you are selling, be sure your documents are in order. What documents might those be? Let’s find out!
You need the following paperwork to sell your home:
- A sales and purchase agreement (SPA)
- Property deed
- A listing agreement if you want to market your home through a real estate broker
- A mortgage payoff statement that informs everyone about what needs to be paid off in relation to your home loan
- And last but not least, a lead-based paint disclosure form
A Sales and Purchase a Agreement (SPA)
A sales and purchase agreement is a legally enforceable contract between two parties that legalizes the sale of a home. All you have to do to find a sales and purchase agreement is go online and type “sales and purchase agreement (state your home located in)” This tip could save you hundreds of dollars, as we have heard of agents charging sellers for such a paper. The sales and purchase agreement is pretty straightforward. Simply reading it will help you understand everything.
A property deed, sometimes known as a house deed, is a legally binding document that transfers property ownership from the seller to the buyer. In other words, property deeds are the legal document that defines homeownership. When a house is sold, you and the buyer will sign a deed to transfer ownership, which is usually issued by a title company.
A listing agreement is required if you want to list your home with a real estate broker. Real estate brokers do not charge for these documents, but you can also find them online. Before signing on the dotted line, make sure you thoroughly read through each and every line. Avoid fees for cancellation, prolonged contract terms, and other incidental charges. When you sign an agreement with a real estate broker, they will claim to be your best friend. When you suggest canceling the listing agreement, they will turn on you in one instant.
Mortgage Payoff Statement
Finally, ensure that you get the mortgage payoff statement. A mortgage payoff statement, also known as a payoff letter, is a document that outlines the exact amount of money required to fully pay off your home loan. A simple phone call to your mortgage lender will get you this document.
Now, the documents we just looked over are the bare minimum. If the property has any other encumbrances, you must be prepared to present settlement agreements for each lien. If you have code enforcement infractions, they must at the very least be negotiated and paid. If you inherited the property, you must provide papers proving that you have the authority to sell it among your siblings if necessary.
So there you have it! Hopefully, this blog has shed some light on which paperwork you will need to se
ll your home.