How to Sell a Louisville Home - Part 5
When you are ready to sell your Louisville home, there are a handful of documents that need to be signed. Some of these documents are designed to disclose the roles and responsibilities of the sellers (you) and their real estate agent. Others detail the property characteristics and make sure that all material information is correct and will be available to buyers.
The process is not quite as painful as you may believe. I'll complete as many of the forms as possible prior to our meeting. Of course, I want you to ask as many questions as you need in order to understand each document in detail.
Listing Documents
We will primarily cover 7 forms during the listing appointment. The basic purpose of each and a few relevant details are shown below.
1) Consumer Guide to Agency Relationships
As a Kentucky real estate agent, I am required to review this document with you at our first meeting or prior to any discussion relating to confidential information. I will discuss the different forms of agency relationships (Buyer, Seller, Dual) and cover how my fiduciary responsibilities would apply in each case. I'll also review the fact that our brokerage does cooperate with other brokerages and the Fair Housing requirements.
When you sign this document, you are acknowledging that you have received it and under the contents. This does not obligate you to use my services in any manner.
2) Listing Agreement
This is the contract between you and my brokerage to list your home for sale. Your home address and the terms of the listing (price, commission, length, etc). Unlike the Consumer Guide, this is a legally-binding contract. By signing this document you are committing to move forward with RE/MAX Alliance representing you.
3) Greater Louisville MLS Input form
This form has roughly 7,342 fields to be completed. Fortunately for you, I will complete most of it when I complete your CMA. However, it is critical that we review the data carefully. Any mistakes here could cause your property to come up ,or worse not at all, during searches.
4) Seller's Disclosure
In Kentucky, we have a 3 page Seller's Disclosure that must be completed for residential home sales unless a builder is offering a 1-year warranty.
You are responsible for revealing any and all known issues that have arisen since you owned the home. DO NOT under any circumstances stretch, bend or hide the truth. Buyers understand that things happen. As long as you have corrected the problem (or made a concession) those who like your home will be willing to move forward. It is a huge understatement to say courts tend to side with buyers when it is determined the seller omitted an issue. So, DISCLOSE, DISCLOSE, DISCLOSE.
5) Lead Base Paint Disclosure
The Federal Government banned lead-base paint in 1978. This disclosure notifies buyers homes built before that year may contain lead-base paint. If you have had any testing done to determine the presence of lead, you must disclose the test and test results.
6) Home Warranty
We'll discuss the pros and cons of offering a home warranty to prospective buyers. On this page, you simply accept or refuse to offer the warranty.
7) Estimated Seller's Net Proceeds
An estimate of the amount of money you will receive when your home sells. Taxes, closing costs, commission, and your mortgage balance(s) are subtracted from the estimated sales price. I try to be realistic but conservative in order to avoid confusion at closing.
This the 5th post in a 7-part series. For more, click the following links...
How to Sell a Louisville Home - Part 1 - Overview
How to Sell a Louisville Home - Part 2 - Why Price Matters
How to Sell a Louisville Home - Part 3 - Comparative Market Analysis
How to Sell a Louisville Home - Part 4 - Preparing your Home
'Pen' photo licensed via Creative Commons from tmab2003 on flickr.
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Erik Hitzelberger is a licensed REALTOR with RE/MAX Alliance in Louisville. If you need a Louisville Real Estate agent please email me or call 502.921.3989.
I specialize in the following areas of the Metro Louisville Area: Prospect, Middletown, Jeffersontown (J-Town), Fern Creek, Okolona, Shepherdsville, Mt Washington, Hillview, Brooks and Pewee Valley. Click the following links to learn more about Louisville and Bullitt County Real Estate or to Search for Louisville Homes
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