The home selling process involves a lot of paperwork. Documents are used in every step of the way to ensure that both parties involved in the sale have clarity and understanding of the purchase being made. Knowing what documents to anticipate will be used can help sellers understand and prepare for the process. Here's what you need to know.
Home Inspection Reports
Before listing their home for sale, some homeowners may get a home inspection. After coming to see the home, the inspector will produce a report detailing the condition of the property. The report will identify problems big and small. The inspection is provided to home buyers as a part of the disclosures about the house. Home sellers who make repairs to their home after getting a report can also disclose repair information to the potential buyer. Some states require home sellers to disclose recent home inspections to potential home buyers - ask your real estate agent for details.
Outlining information about what was recently repaired can help reassure buyers that the house is in good condition. Getting the inspection done in advance can help ensure that the home selling process will go smoothly.
Home Purchase Agreement
The home purchase agreement is a contract between the buyer and the seller. The buyer initiates the purchase process by sending an offer to the seller for review. The seller can either accept, ignore, reject or counter the agreement. Sometimes offers are passed back and forth many times as seller and buyer amend the home purchase agreement. Once both parties are satisfied with and have signed the contract, this becomes the road map for the coming transaction.
The home purchase agreement outlines information such as:
- How much the buyer will pay in cash and how much will be borrowed in order to purchase the house.
- How much earnest money or deposit the buyer is putting down.
- Whether the appliances or items in the home will stay with the house or go with the seller.
- When the closing date is scheduled.
Information in these documents must be as accurate as possible to ensure that the home-selling process goes smoothly, so sellers must work with their real estate agent to ensure that disclosures discuss all known problems with the house.
Appliance and Materials Warranties
Sellers who have recently made upgrades to their house may have new products and materials in their home, and often these products come with warranties. These documents are a bonus for buyers, as long as the warranty transfers from one owner to another when the house sells. Home sellers probably want to give these documents to the buyer at the time of purchase.
Some contractors will provide warranties for their work after a major renovation or remodel. If these warranties transfer over to the new owner, the seller may provide these documents to the buyer as well.
Work With Your Real Estate Professional
Some Louisville home sellers can find the number of documents passed back and forth between the buyer and seller to be overwhelming. Working with a professional can help.
For assistance with the home buying process, contact a real estate agent in your area. Experienced real estate agents can help home sellers understand the many documents that must be produced during the sale of a home. Your real estate agent can also answer your questions about the sale process, marketing your home, and how much your home is worth on your local market.