Whether it is a new addition to the family, spouses parting ways, relocating to a new city, or to alleviate the financial stresses that can come with home ownership; at some point most individuals will experience the need to no longer own their home.
Whatever the reason for selling your home, there are many risk factors to avoid in order to make the process as easy as possible. Here are four basic steps to create the type of legal checklist you will need to sell your home with ease.
Settle Any Liens, Encumbrances and Debt
If you have incurred any liens, encumbrances or debt you will need to resolve these issues before your buyer can take ownership of your home. Liens, encumbrances and debts can be incurred by failing to pay homeowners association dues, missed alimony or child support payments, nonpayment of general debt, civil court rulings or a government imposed lien.
Joint Tenants Must Agree to Sell
Your ability to sell your home will be directly affected by the ownership structure of the property. If you inherited your home or are not the sole owner you must receive approval and cooperation with all owners involved.
Organize Pertinent Documents
An informed buyer will want to know a great deal of information about the history and current condition of the home they are buying. Documents to organize include surveys and appraisals, documentation of any damage or improvements, tenant agreements, real estate agent agreements, community restrictions, the deed to the home, and any information about debts, encumbrances and liens.
When Necessary, Create a Home Sales Agreement
When you are not the only owner of the home it is important for a real estate attorney to draft an agreement of how the net proceeds of the home will be divided.
Follow these steps, and you should do alright.