Paperwork for Selling a House Without a Realtor: 3 Necessary Documents
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Sometimes it takes a long time to sell a house with a realtor. While you wait you may feel your hopes of a new home slipping away. Luckily, these days selling without a realtor is common and easy. All it takes is some home sale paperwork to get started.
Keep reading to learn about the paperwork for selling a house without a realtor.
1. Sales Contract
The sales contract, also known as a purchase agreement or a sales agreement, is the cornerstone of any home sale. It outlines the terms and conditions of the transaction, serving as a legally binding document. Here’s what you need to know:
The property for sale by the owner must include vital details such as the property’s address, purchase price, and the names of both the buyer and seller.
Contingencies are conditions that must be met for the sale to proceed. Common contingencies include a home inspection, financing approval, and appraisal. Make sure these are clearly stated in the contract.
This is a deposit made by the buyer to show their commitment to the purchase. The amount varies but is typically 1-3% of the purchase price. If the deal falls through due to the buyer’s fault, you may be entitled to keep this money.
2. Property Disclosure Form
A property disclosure form is crucial for transparency in a home sale. It’s a document that outlines the condition of the property and any known issues. Here’s what you need to know:
Most states in the US require sellers to disclose specific information about the property, such as known defects, environmental hazards, and past renovations. Failing to disclose these items can lead to legal trouble.
Complete and Honest
Be thorough and honest when filling out the disclosure form. Even minor issues should be disclosed to avoid potential lawsuits down the road.
Familiarize yourself with your state and local regulations regarding property disclosure. Laws can vary, so consult with an attorney if you’re unsure.
3. Deed of Sale
Another important paperwork for selling a house without a realtor is the deed is the legal document that transfers ownership of the property from you to the buyer. Here’s what you need to know:
Types of Deeds
Common types of deeds include warranty deeds, quitclaim deeds, and grant deeds. The type of deed you use will depend on your circumstances and your buyer’s preferences. A warranty deed is the most secure option, as it guarantees a clear title to the property.
After the deed is signed and notarized, it should be recorded with the county clerk’s office where the property is located. This officially documents the change of ownership.
Before transferring the deed, it’s essential to perform a title search to ensure there are no liens or encumbrances on the property that could prevent a clear transfer of ownership.
Mustering the Paperwork for Selling a House Without a Realtor
Selling a house without a realtor can be a daunting task. Having the necessary paperwork for selling a house without a realtor in order can make the process smoother and more efficient.
Don’t forget to consult with a legal professional for guidance and expertise. Start gathering your documents today and begin the journey to selling your own home!
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