5 Legal Steps to Selling a House
Feb 16, 2022 | Hometown Development
Finding a buyer is only part of the process in selling your home. There are several legal considerations you must factor in to ensure the transaction goes smoothly with no delays or hidden issues. Here are five steps to take to sell your home easier and faster.
Take Care of Financial Issues
If your property has a lien on it or any other debt, you’ll want to take care of that before you sell. If there’s a lien or other obligation on the property, it will need to be satisfied before you receive any money from the sale. These issues complicate the transaction and can scare away buyers.
Get Documents Together
Make sure you know where your deed is and any surveys and appraisals you’ve had done. You should also be prepared to show documentation of any improvements or repairs that you’ve had done. If you’re selling a rental property, you need the lease agreement with the tenants.
You must also disclose any covenants or restrictions on the home by a home association or subdivision. You will need to provide that to your agent or buyers. There may be other documents needed, depending on your location and specific property. Your real estate agent should be able to provide you with a list of necessary documents.
Make Sure Deed is Correct
You’ll want to look at the deed before you sell your home. You want to make sure the name on the deed is accurate. If another person is listed jointly with you on the deed, they will have to give consent to sell. Sometimes sellers are taken by surprise when they find out that the deed isn’t correct. Perhaps the name is misspelled or a parent is still listed as the owner on an inherited property.
Create a Home Sale Agreement
If you live with a partner but aren’t married, you may need an agreement to show that you are part owner. Otherwise, the court will have to side with the party named on the deed. This is also important if you are a co-owner of a rental property and not listed on the deed.
Get Approval of All Joint Tenants
If you have been tasked with selling an inherited property that is owned jointly by you and your siblings, you’ll need to get their agreement to sell in writing. This is also required if you get a divorce and both parties decide to sell.
Selling a home doesn’t have to be complicated. For a simple as-is for cash sale, reach out to Hometown Development. We prefer to close on home sales quickly for a simplified sale process for everyone – often in as few as five days.