Lise Howe in Washington DC offers excellent advice in her posts.
Check out her savvy advice here about FACTS in real estate transactions.
And why not take a few minutes to read some of her other posts as well.
- 4 Steps to Flipping a House and Making Money or
- Avoiding Rental Scams or
- Staging Doesn't Have to Be Complicated.
All the best - Lynn
PS If I haven't had the opportunity to thank you personally for reading my posts, let me do so now! I appreciate your visits and especially appreciate your comments! Lynn
I found this information on a real estate posting service to which I subscribe. Generally I agree with most of what the service writes, but this posting seemed unnecessarily scary - and frequently wrong. The only thing I could really agree with is its final advice to hire a good realtor!
Selling your home will involve a lot of paperwork. The requirements may vary somewhat depending on where you live, but the following are some of the most important documents you’ll likely need:
Documents From Your Purchase of the House
You’ll need the original sales contract from the time when you bought the house. That’ll let the buyer know who the previous owner was, the sale price at the time, and any disclosures that were made then. You’ll also need to provide the appraisal that was conducted before you bought the house. I have never given these documents to a buyer and can't imagine any other agent in the Mid Atlantic area providing them either. The ownership of your property will be verified by the title attorney who will search not only your ownership but the ownership "back through time" to assure clear title.
Documents Related to Maintenance, Repairs and Current Problems
You should’ve kept records of maintenance and repairs during the time you owned the house. Those can give the buyer an accurate idea of the condition of the house now and any repairs that might be needed in the future. If you had any new appliances installed, you should give the buyers the warranties. Nice but not required.
You’ll also need to provide a potential buyer with homeowners insurance records. These should include any claims you submitted so the buyer will be aware of any significant past damage and repairs that were made. Not needed. The Buyer can get the insurance records through a CLUE report. If you don't know what a CLUE report is I will be glad to explain.
Once a buyer has made an offer and you’ve accepted it, you’ll need to follow mandatory disclosure laws and provide information on any known damage or hazards. That could include everything from lead paint and water damage to broken appliances and disputes over the property line. Failing to provide this information could lead to a lawsuit later. This is unnecessarily scary. All three jurisdictions that I work in (DC, MD and VA have disclosure requirements, but in some of them, the right to the disclosures expires with the completion of closing. Any required documents such as the Federal lead disclosure form should be provided prior to ratifying an offer - not afterwards. The offer is not fully ratified until the buyer receives all required documents. You certainly don't want to provide a loophole by failing to provide required documents and permitting the buyer to walk away.
Documents Needed to Complete the Transaction
A purchase offer spells out the agreement between the buyer and seller. The real estate agents or attorneys representing the buyer and seller will later draft a final purchase and sale agreement that includes specifics on the sale price as well as other terms, such as the closing date and contingencies. Contracts related to the purchase of real estate must be in writing to be enforceable.
The buyer will most likely have the house inspected to find out about any problems. If anything serious is discovered, you and the buyer will need to decide whether you’ll make repairs before closing or lower the asking price. A home inspection is advisable for the buyer's information and peace of mind but is not required. In a "hot market" many buyers waive the home inspection.
If the buyer will need to get a mortgage to buy the house, the lender will require an appraisal to determine its value. The appraiser will provide the buyer with a report, and a copy will be made available to you. The appraisal is done for the benefit of the bank. Buyers get a copy of the appraisal in most instances, but the seller does not unless there is an issue with the appraisal.
The deed is a document that officially transfers ownership from the seller(s) to the buyer(s). It will include the names of all parties involved in the transaction and a description of the property itself. In DC, MD and VA, this will be prepared by the title attorney.
Working With the Right Real Estate Agent Is Key
Selling a house is complicated. Your real estate agent should be able to guide you through the process. When interviewing agents, look for someone who has the knowledge and patience to walk you through all the steps and the documents that’ll be required and to answer all your questions.
If you are looking for a home in the DC metro area, you know there is more to the process than just picking a property and making an offer. You need to find the best location for your wants and needs, get a great price, and work with a lender who will make your life easier - not harder. Trust your search with a Realtor who is licensed in DC, MD and VA and really knows the city and all its secret neighborhoods.
Start your search with the Lise Howe Group, Washington Natives who love the city and all its quirkiness! If you are moving or relocating to Washington DC, be sure to ask for our relocation guide. Call us at 240-401-5577 to schedule an appointment or email us at firstname.lastname@example.org. Too excited to wait to talk to us about a great home? Just click here to start that home search.
If you want to see what is for sale in Washington DC, Chevy Chase and Bethesda, check out these links below:
Keller Williams Capital Properties
4646 40th St NW