Essential Documents for Selling a Home for Cash
There are strict legal requirements that the cash home buyer and seller should adhere to for their transaction to be valid and legal. Here are some of the legal documents that are essential for selling a home for cash in most countries for the law to recognize the transaction as legal.
A serious cash buyer does not request for home inspection report but have these reports in case the buyer hires a dubious home inspector who can lower the value of your home to fool you. You need a residential property disclosure form from the home inspector to fill in the repairs that your home requires and the condition that it is in at that time so that the buyer makes informed decisions whether to buy the house or back out of the deal.
Present the cash home buyer a warning statement about the lead-based paint if your home was built before the 21st century. Some states require you to provide the buyer a document about the lead-based paint which you can print from the website of the relevant 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.
An offer to purchase or sale document is essential for selling your house for cash because it protects the rights, interests and explains the responsibilities of the buyer and seller to each other that are relevant to the transaction. Get fill-in real estate sales contracts at a price from the legal print shops and specific office supply stores. Make the contract after coming into agreement with the cash home buyer before you sign it.
Have 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. Fill in the form with information such as 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 a mailed check to the home address, the street address of the home and property tax identification number and more. The cash home buyer or their next client will take care of the remaining mortgage payable hence they need these documents.
The buyer requires a deed of ownership and transfer from you. The county clerk or recorder’s office gave you the transfer and disclosure forms as proof that you own the home. The transfer and disclosure forms have personal information about 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.
The buyer needs an original or current survey because it will show them a graphical representation of the boundaries of your property and the things that you own on that land. 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.