Documents that Legalize the Transaction of Selling a Home for Cash Home Buyer
Selling a house for cash involves several legal requirements that the cash home buyer and seller must meet or else their transaction will be illegal. These are the legal documents that make selling a house for cash legal in most countries.
Never take chances hence have the home inspection reports although cash home buyer will not ask for then, but just in case the buyer inspects the home and lowers its value to make a fool out of you. The home inspector will recommend that you find residential property disclosure form and fill in a list of defects in the home that need to be repaired for the buyer to be aware of them before you close the sale.
Some homes that were built before the 21st century were painted with lead-based paint, therefore, a warning statement about this lead-based paint should be part of the documents that you will present to the cash home buyer. Some states require you to have this document from the relevant authorities, and it can be printed directly from the website of these concerned authorities. You are not responsible for the damage that the lead-based paint will have on the people who will live in the home if the buyer is presented with the warning statement and agree to buy the property regardless of the warning.
A sale or purchase contract should be available in written hard copy, and not electronic form for signing when you reach an agreement with the buyer for the contract protects the interests of both parties by stipulating the rights and obligations of each party to the other. Purchase a copy of the fill-in real estate sales contract from the legal print shops and specific office supply stores at an affordable cost. Discuss about the details of the offer to purchase document with them cash home buyers to ensure that you are on the same page before you sign it.
Look for an updated private mortgage form. Fill-in private mortgage forms are available at legal print shops and office supply stores for printing at a price. The form requires you to fill it with honest information about the total amount of the mortgage, number of payments, payment due date, frequency and amount, interest rate, late penalties, how the payments are made through mailed check to the home address, street address of the home and property tax identification number and more. This information is vital to the cash home buyer because it may be them or the future new buyer of the home who will take care of the mortgage payables.
Present transfer and disclosure forms to the buyer. The original deed that was given to you by the county clerk or recorder’s office when you bought the property validates your ownership of the home. These forms have information pertaining to the buyer, seller and the property such as its value, property tax number and the taxes that you are liable to pay on the sale on the transfer form. The certified copy is at the county land records office thus go for it.
An original or current survey will show the cash home buyer the boundaries of your property and what you own in graphic representation. The buyer can determine if your property has encroached into the neighbor’s land because the future buyer will need the documents are evidence for the future buyer as evidence if future disputes erupt.