What are the documents required to sell a property ? – Getting your paperwork sorted out is the first step to selling your house, and as early you do so the faster will things move along in the right direction. So what documents do you need to sell your property?
What are the documents required to sell a property
The title deeds
The first documents you will need to prepare are all the sale deeds of all the previous purchases of the property. These documents will verify that you are the real owner.
If the property has any mortgage loans you will need to prepare the mortgage loan documents. In this case, you can decide if you want to exit your mortgage by paying it off with the sale of the property or if you want to continue to owe the money to your lender.
Comparative market analyses report and the appraisal of the property
You will need to make an appraisal of your property and an examination of the prices at which similar properties in the same area were recently sold. This will give you an approximate selling price of the property in question, and at this point, you can establish the listing price.
House insurance records
Other documents you will need are the properties insurance records, so the buyer knows about all the repairs you made to your property. Any documentation of improvement you made to your house will help you reduce the taxes when selling it.
The tax records of the property
The property tax information and all recent tax statements are also documents that you must collect. The tax is levied by the local authorities. The property tax is assessed to the monetary value that the appraisal provides.
House inspection report
Every interested buyer will request a house inspection. The inspector in charge will examine the condition of the property. He will check the structure, plumbing, the air-conditioning system, the heating system, the electricity system, the water system, the roof, the basement and other general observations of the building. They will check the fire and safety issues, and if the building plan (flow plan, master plan) complies with the rules and regulations.
If any of these building aspects need repairing, you will need to make a repair addendum whether you decide to financially pay to get the repairs done, repair them yourself or include them in the selling price.
Real estate disclosures
If you don’t make a house inspection, in most countries you are obliged to write a sellers property disclosure, where you answer 40 to 50 questions about the property. In the disclosure, you should write every problem of the house you are aware of. Some countries have extremely detailed disclosure requirements, so it’s advisable you check with your lawyer the laws of your state. Both the buyer and the seller should sign and date the real estate disclosure.
Original sale contract
Your layer will need to write the sale contract, where both you and the buyer sign. This contract legally confirms you agree to sell and the buyer agrees to buy the property, under the conditions and circumstances included.