Legal Documents Needed to Sell a Property
Selling a property means a lot of paperwork, be it a house, office or anything else. Using Free Legal Form Generator will ease your task.
Do you know? An approximate of 180 sheets of reports, contracts, forms, and statements make for an average property sale.
When someone is preparing for this documentation for the first time, it is likely to find it difficult. But, when you have a complete list of essential documents needed, your work gets easier. Knowing the property document obligations in advance is undoubtedly one of the best ways for securing a quick and stress-free sale.
The very first thing is to keep the state and country regulations in mind. The property laws of the district can also be consulted to confirm the required documents.
Local Regulations, Ownership & Condition of the Property and more of such factors affect the requirements of legal documents.
- Original Sale Contract
Sellers must provide prospective buyers with a copy of the original sale contract signed between the current and previous owners of the property.
- Home Repairs & Maintenance Records
The recent renovations and repairs will likely be requested by buyers. When preparing a record of repairs and maintenance, before and after photos, material receipts, and labor contracts should be included by sellers.
- Comparative Market Analysis (CMA) Report
A CMA report is usually created by a real estate agent for calculating a suggested listing price for your property. It reflects an analysis of local property market trends, focusing on historic and ongoing sales data for similar properties.
- Listing & Marketing Contract
The arrangement between the seller & real estate agent granting an exclusive right to the agent for selling and marketing the property is defined in this contract.
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While on the Market
- Preliminary Home Title Report
This report describes the outstanding financial or legal obligations on the property (if any). It includes taxes owed, local covenant restrictions, and any title insurance requirements. A title report can also be purchased by sellers from any of the major title companies like Old Republic, Stewart, First America, or Fidelity.
- Mandatory Disclosure Statement
Once the prospective buyers agree to a purchase price, any known issues or hazards must be disclosed by the seller. Any previous case of water damage, use of lead-based paint, toxic material levels, etc. is included.
After Receiving an Offer
- Purchase Offer Form
It is an initial framework for the final purchase contract between the buyer and the seller. Remember that this document is subject to revision or amendment. It lists the price offered by the buyer, a brief description of the property, and the listing information provided at the time of sale.
- Contingency Removal Form
The buyer and seller’s requirement of any contingency clauses should meet and it is recorded as contingency removal form.
Besides the above-explained forms, the following is also required at the time of closing negotiations.
- Appraisal Report
- Home Inspection Report
- Final Real Estate Purchase Agreement
- The Deed
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