Selling a property requires a lot of paperwork before, during, and after the sale.Even just a single missing document can stall your transaction for weeks. That is why preparing and collating these papers even before the start of the sale is one of the best tips for selling your home. It plays a vital role in making your home-selling endeavor easier and error-free.
To help you prepare, here’s a list of documents you need when selling your property:
Documents needed before the sale
Make sure you have the following ready before listing your property.
- Comparative market analysis report. This is used to determine a home’s listing price. Your real estate agent will compare prices of properties similar to yours that have been sold in the area.
Some analysis reports take into consideration market trends and other relevant information to come up with a more accurate price for your home.
- Copy of the original sale contract. A copy of the original sale contract should be provided by the seller to any potential buyer. This document details the disclosures made during the original sale, as well as the price it was sold for. The copy should also include any contingencies related to the transfer of ownership.
- History of home repairs and renovations. Sellers should compile a list of changes done to the property since their purchase. Attach receipts, labor contracts, and photographs to use as evidence of renovations or repairs. For major renovations, make sure you have a copy of the permits on hand, as well.
Documents needed during the sale
Once your property is put up for sale, you’ll need these documents ready:
- Preliminary home title report. This document shows sellers if they have any outstanding fees or legal obligations related to their property. This includes unpaid taxes, title insurance requirements, and the like. Unlike a title report, this document doesn’t have information about title transfers or previous owners.
- Seller disclosure. In Connecticut, residential sellers must disclose the condition of the property to buyers. The seller disclosure statement must include issues with the home’s structure, major appliances, and systems.
Other disclosures include a flood zone statement and a lead-based paint disclosure if your property was built before 1978. If you fail to disclose any major defects or issues, you may be subjected to hefty fines and lose the sale.
- Purchase offer form. This form includes details of the property and the buyer’s price offer. This document outlines the initial framework of the final purchase contract. It’s typically subject to revisions depending on the wants and needs of both parties. This form helps buyers and sellers to come to a final purchase agreement.
After accepting the offer, it’s time to close the deal. Here are the documents you need to successfully close your sale:
- Affidavit of title. This affidavit proves that you, as the seller, have the sole legal right to sell the property. This document also lets sellers know if they have any liens or defects that may prohibit the sale of the property.
- Closing statement. This includes an itemized list of all the fees a seller is owed by the end of the transaction. Costs such as taxes, association fees, and closing expenses are included in the closing statement. Review this document with your real estate agent to ensure that everything is in order.
- Bill of sale. If you’re leaving behind items or including them as part of the sale, then you must list these down in the bill of sale. This document should include everything you will transfer to the buyer from appliances to furnishings. All items to be listed here should have been previously agreed upon by both the home seller and the buyer.
- Purchase agreement. This is the final contract between the buyer and seller which details the conditions of the sale. This document contains the final purchase price, closing date, and contingencies that the seller must follow for a successful closing.
- Signed deed. The final step of the transaction is transferring ownership of the property. At this point, you not only have with you this document but also the keys for handing out to the new homeowner. Note, though, that the deed can only be transferred once all the conditions of the purchase agreement are met.
Need more home selling advice? Get in touch with expert Connecticut Realtors Kathy Danais and Lisa Gordon! Our combined experience of over 30 years in the local real estate has been helping sellers to go above and beyond their real estate goals. We’re here to provide only the best customer service. Give us a call at 860.214.1295 or 860.805.7722. You can also send an email to kathydanais(at)gmail(dotted)com or lgordonrealtor(at)gmail(dotted)com. Let’s start your real estate journey today!