Are you planning to sell your home? If so, you will belong to a group of more than 560,000 Americans that sell their house each year.
Before a real estate downturn in 2009, up to 1.3 million homes sold each year in the United States. While selling a home is common, it is not easy, and you need an expert to guide you through the process.
For example, consider the paperwork required to sell a home. There are dozens of real estate forms that must be filled out to complete a property transaction.
The number of closing documents is so voluminous that you may need a filing cabinet to properly organize it. The good news is that your realtor will do all the work. You will just need to sign all real estate forms.
Read on to learn more about these real estate forms. Also, you will explore which forms are the most important.
Before you put the property up for sale, you need to enter into a listing agreement or contract with your realtor. This allows a realtor to serve as your agent while your property is for sale.
After signing a listing contract, your real estate agent can formally list and market your property. This is likely the first step that occurs during the real estate process.
Seller’s Disclosure Is One of the First Real Estate Forms
When a potential buyer expresses interest in your home, it is common practice for them to request a seller’s disclosure. Called a Transfer Disclosure Statement (TDS) in the state of California, this form provides potential buyers with material facts about the home.
On a seller’s disclosure form, you report on the condition of your home. Among many other details, this includes the age of the roof and appliances. The TDS form also documents any major repairs that took place during your ownership.
It is very important that you fill out the TDS form accurately and honestly. Failure to do so could expose you to legal consequences.
A property title is important because it demonstrates ownership of the land and home. A title report includes a title search and documents the legal history of the property.
This report covers all liens against the property, including tax liens and mortgages. The importance lies in validating sole ownership of the property, and ensuring that no one has a legitimate claim to the property.
An appraisal is a professional valuation of your property. This is critical to a property transaction and ensures that fair market value is received for your home.
The appraisal report is also important to the buyer. If the buyer is utilizing a mortgage to pay for the property, the lender will not loan in excess of the appraised value.
Wrapping It Up
Selling a home is not for the faint of heart. The process requires expertise and your realtor can guide you through this journey.
While we outlined some real estate forms, there are many more that are required. Signing a seller’s disclosure or appraisal report is just the tip of the iceberg.
If you are interested in putting your house on the market, please contact us for assistance.