Last Updated: 4/ 13/ 2023
Selling a house can be a major life event that requires careful planning and preparation. Whether you’re downsizing, relocating, or simply looking to move on to a new property, several important steps must be taken before the sale can be finalized.
One crucial aspect of the process is completing the necessary paperwork, which can be daunting for many homeowners. If you’re planning to sell your house in Nashville, it’s important to clearly understand the documents and forms required to complete the sale.
This write-up will provide a comprehensive overview of the paperwork needed to sell a house in Nashville to save hassle and time. Let’s get started!
Legal Documents Required to Sell a House
You will require different documents in five stages of selling your property, including:
- During Pre-listing
- When Launching a Home For Sale in the Market
- When in the Real Estate Market
- When Offer is Received
- During Closing Sale
Documents Required During Pre-listing
To ensure a smoother transaction and avoid any potential issues down the line, collect the following Documents:
1. Original Sales Contract
The original sales contract is a crucial document that needs to be in your possession before listing your home. This contract outlines
- The terms and conditions of the sale when you first purchased the property
- The purchase price of the house
- The names of the buyer and seller
- Any contingencies that were agreed upon at the time of sale
This document is important because it serves as proof of ownership and can help you avoid any potential disputes that may arise during the selling process. It can also provide valuable information to potential buyers, such as the last sale date and the original purchase price.
2. Home Repair and Maintenance Records
Maintaining a record of all the repairs and maintenance done on your home is another important step before listing your property. This record can include everything from routine maintenance to major repairs.
Moreover, sellers must keep pictorial evidence of the house as it was when they received it and afterward, along with material and labor receipts. Even If you’re selling a home with foundation issues, keeping detailed records of any repairs or inspections is even more important.
Having a record of maintenance and repairs can help you identify any potential issues that need to be addressed before listing your home, saving you time and money in the long run.
Documents Required To Launch Home Sale in the Market
3. Comparative Market Analysis Report
CMA is great for determining the best price to list your home in the current market. A report such as this compares your property to similar properties in your area that have recently sold or are currently on the market, including their features, prices, and selling dates. Your real estate agent will likely collect this data.
4. Listing Contract
A listing contract should be signed with your real estate agent once the CMA report determines your home’s best listing price. The listing price, commission rate, and listing period are outlined in this contract between you and your agent.
The listing agreement includes graphics, videos, pictures, descriptions, and photos. Listing contract also specifies your responsibilities, such as marketing and advertising the property during the listing period.
It’s important to review the listing contract carefully before signing, as it’s a legally binding agreement.
Documents Required in the Market
5. Preliminary Title Report
A Preliminary Title Report is a document prepared by a title company that provides information about the ownership of a property, liens, and other encumbrances on the property. The report is based on a search of public records and is intended to inform potential buyers or lenders of any potential issues with the property’s title.
Even If you’re selling a house with a lien, the Preliminary Title Report is essential to help you identify any potential issues before listing your property. The report typically includes
- A summary of the property’s ownership history
- Liens or encumbrances
- Any other relevant information about the property’s title
Before selling your house, you must address any outstanding liens, as they can impact the sale and potentially prevent you from transferring clear title to the buyer.
6. Mandatory Disclosures
Mandatory Disclosure is a legal requirement for specific information to disclose by one party to another in a business or real estate transaction. The disclosure is typically mandated by law or regulation and is intended to ensure that all parties can access important information that may affect their decision-making.
By requiring parties to disclose important information, buyers and other parties can make informed decisions and avoid unexpected issues or problems down the line.
Documents Required When You Receive an Offer
7. Purchase Offer
When you received your purchase offer after putting the house on the market. Now what? A legal document sets out the terms and conditions of a proposed real estate transaction between a buyer and a seller. It is typically the first step in a real estate transaction. The buyer submits it to the seller as an offer to purchase the property when you receive your purchase offer after listing the house in the market.
The purchase offer includes details such as:
- The purchase price
- Financing terms
- Contingencies
- Closing date
The purpose of a Purchase Offer is to formalize a buyer’s intention to purchase a property and outline the transaction’s key terms and conditions.
8. Final Purchase Agreement
When both parties settle on the price, the attorneys from both parties draft a final agreement. A final Purchase Agreement is a legally binding agreement between a buyer and a seller that outlines the terms and conditions of a real estate transaction. It is typically based on the terms outlined in the purchase offer and includes additional details such as the
- Closing Date
- Title Transfer
- Financing Arrangements
Documents Required During Closing Sale
9. Appraisal Form
An Appraisal Form is a document prepared by a licensed appraiser that estimates the market value of a property. The appraisal form considers various factors, such as:
- The Property’s Location
- Size
- Age
- Condition
- Comparable Sales in the Area
The purpose of an appraisal form is to provide an objective and independent estimate of the value of the property that is being purchased or refinanced. Lenders typically require the appraisal form to ensure that the property is worth the amount of money that is being borrowed.
10. Home Inspection Report
The document prepared by a professional home inspector provides a detailed assessment of the condition of a property.
The home inspection report typically includes information about the condition of the property’s foundation issues, roof, electrical and plumbing systems, HVAC system, and other important property components.
Completing the necessary paperwork is important to maximize the resale value of your home.
11. Sales Agreement
If the inspection report is free of any issues/defects, a contract will be drawn between the buyer and seller. This document is inclusive of the
- Final Purchase Price (agreed on by both the buyer and seller)
- Date of Closing
- Any Final Contingencies
The purpose of a sales agreement is to formalize the terms of a real estate transaction and to create a legally binding agreement between the buyer and the seller.
12. Deed
The deed is a legal document that transfers property ownership from one party to another. The purpose of a deed is to provide a detailed record of the transfer of ownership. The deed typically includes
- A legal description of the property
- The buyer and seller’s names
- The transfer date
The deed is recorded with the county recorder’s office and becomes part of the public record.
FAQs
Do I Need the Original Deed to Sell My House?
No, you do not need the original deed to sell your house. A copy of the deed is sufficient for the purposes of a real estate transaction. However, it is important to ensure that the deed copy is accurate and up-to-date.
How to Sell a House by Owner Paperwork?
To sell a house by the owner, you must prepare and advertise your property, negotiate with potential buyers, and draft a Sales Agreement. You must also disclose the property’s condition and any known defects.
What to Do if You Lose Important Home Selling Documents?
If you lose important home-selling documents, contact the appropriate parties to obtain copies or request duplicates. Keeping track of all paperwork during the selling process is important to avoid complications.
People make common mistakes in Nashville when selling a house that must be avoided, and many important documents need to be prepared and signed on time. From the initial purchase offer to the final deed, each document plays a crucial role in ensuring a successful transaction.
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