7 Legalities of Selling Your Home

Posted On Thursday, 17 June 2021 13:52

As we raise the number of Americans living in and around their homes, the importance of structuring your home sale well has become imperative. With limited options for selling home, it is important for sellers to understand what can be done to ensure that their efforts lead to a successful transaction.

This blog post provides an overview of seven legalities when selling a home, with advice on how they apply.

1. Establishing a Price
2. Promoting Your Property in Bulk
3. Getting a Professional Home Inspection
4. Knowing the Law: Dealing with Escrow Agents
5. Ensuring a Hassle-Free Closing
6. Protecting Yourself Against Fraud
7. Securing Your Income After the Sale

1. Establishing a Price

The first step in the selling process is to set a price for your property. This is determined by looking at recent sales of comparable properties in the area. Many websites offer a service to collect up to ten recent sales for presentations. These are often not unlike the postcard displays that local real estate agents present to potential buyers when they are touring potential properties.

The most important factor is whether your home is worth more than your asking price. If so, then it is important to set your price accordingly and leave it unchanged until you receive offers that meet or exceed the market value for this area. If you feel the value of the property is less than you would like, then start lower and increase over time if others are interested in purchasing this property.

Tip: In setting the price, be sure to factor in any major repairs, renovations, or new appliances that you may want the buyer to be responsible for.

2. Promoting Your Property in Bulk

With the amount of competition in your local market, it is important to promote your property to as many potential buyers as you can. Think of a sellers’ agent as someone who creates a demand for your property. A sellers agent who is successful does more than simply list the property. They will advertise online and in person to prospective buyers. They will visit multiple potential buyers until they can find one that matches all their needs.

Promoting in bulk helps to filter out customers who are not serious and can help to bring in a potential buyer faster. It doesn’t make sense to spend your time showing one prospective buyer after another when some of these individuals may be unqualified or unable to purchase your home.

Tip: There is no harm in cutting off rental inquiries from renters if you are looking to sell your house. Talk with your agent about stopping showings for people who intend to rent the property rather than buy it.

3. Getting a Professional Home Inspection 

A home inspection is an important step in the selling process. A home inspection will help your agent make sure that all your needs are met and that you’re getting a good deal on the sale of your home.

It will also give you valuable insight into how to maintain and improve your property is in the future. The inspector will be able to tell if there are major problems like termite infestation or broken windows, water stains on the walls, or mold in or around your property.

4. Knowing the Law: Dealing with Escrow Agents

When your agent is preparing to list your house for sale, they should have already set up the escrow account. This will be a part of the paperwork you will sign when listing your property and it will designate who has access to the funds that are collected from the sale of the property. The escrow agent will be primarily responsible for making sure that all funds are accounted for during and after the sale of your property.

5. Ensuring a Hassle-Free Closing

Closing on your property is a very stressful time, especially if you’re moving long distance. Your agent will be able to provide you with all the necessary information needed for the closing process so that you and your family can move into your new home as soon as possible.

Making sure the closing process is as smooth as possible will greatly benefit you throughout the time you have your house on the market.

6. Protecting Yourself Against Fraud 

When you hire an agent to help you sell your property, it will be that agents duty to make sure nobody is taking advantage of you or your property. They’re representing you, so they will ensure that the potential buyer(s) are who they say they are and have the funds available to make the purchase.

7. Securing Your Income After the Sale

When you sell your home, all the buyers need to provide proof of income through conveyancing Brisbane, even if they’re buying with cash. Your agent will help you and your buyer figure out how much financial information is required to ensure that the purchase of your home stays on track.

Conclusion

As a seller in today’s real estate market, it is important to know who is on your team and what they are doing for you. As a buyer, it is important to know that the person you’re working with is representing your best interests. It is also important to have realistic expectations of what your agent can do for you in the real estate market.

Your real estate agent should be your main point of contact throughout the selling process. They should be accessible, thorough, honest and incredibly knowledgeable about the market so they can help you decide when and where to list your property.

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