f you think back to when you bought your home, you probably remember the array of documents and contracts. Real estate transactions are complex, and so are the necessary contracts and documents that go with them.
It was also likely an exciting time to buy your home, and the sale of your house is often just as exciting. Perhaps your family has grown and you're ready for more space. Or maybe you got a big promotion are looking to upgrade. Whatever the case, selling your home often comes with the excitement of buying a new one.
As you prepare to sell your home, there are some key items you should keep in mind.
Should you use a real estate agent?
Selling a home is complicated and time-consuming. Most people use a real estate agent because they have the expertise to take on the challenges of a sale. Among their many tasks is helping you price, market and show your home. Although they take a commission, it is a percentage of the sale, which gives them incentive to maximize the final sale price.
The choice to use a real estate agent or not is yours, but if you decide to sell your home yourself make sure to familiarize yourself with real estate laws in your state.
Prepare the necessary documents
There is no shortage of documents to prepare when selling your home. The documents you may need to provide for your sale include:
- Plat for survey of your property
- The most recent real estate tax bill
- Condominium documents or homeowners association rules
- Documents of major repairs or other projects
Prepare for closing
At the closing, you will officially transfer the property to the new owner. If you have a mortgage it will be paid off at this time and you will receive a check for the remainder of the selling price. Your real estate agent will also collect their commission at this time.
Contracts signed are legally binding, so this may be a time to work with an attorney to ensure everything is prepare properly. Depending on your situation, there may be more complexities in your deal. For example, if you had tenants or if you are one of multiple owners of a property. No matter the situation, preparation is key. If you have everything lined up properly, your sale will go smoothly and you'll be prepared to hand the keys over to the new owner.