Selling your home is a significant endeavor involving many steps. If necessary information is left out or certain processes are not performed correctly time and money can be lost. It is for this reason that it is worth it to use a qualified real estate agent to work with you through the selling process. One aspect of preparing to put your home on the market is assembling the right documents. Here is a list of typical documents you will need and the purpose they serve from Lemont Illinois real estate agent Chris Budz.
Deed and Title
This is a legal document that simply identifies the owner of the property. When selling your home you will need to provide and sign this document. Look for this record in the public land records of your county. The title is different from a deed in that it gives the right to use or modify the property. Transferring the property requires the deed specifically. The deed transfers the title from the seller to the buyer in a real estate transaction.
The purpose of a home appraisal is to determine the value of a given property. Recent sales of similar homes to yours, the condition of the property, and the status of your location are some factors that go into this assessment, among others. An appraiser will research how much it will cost to replace various aspects of the property, find out the value of the land, and perform other analysis to determine what your home is worth. This will be used by the lender when determining loan amount.
Liens and Judgments
When selling your home you will be required to give documentation revealing any past liens or judgments that affect the property. These are typically public records that give notice of an outstanding debt. This means of debt collection can be a real obstacle when selling your home. It is best to find out about any liens or judgments ahead of time. Talk with your real estate agent and work towards clearing these up before moving forward.
A land survey outlines legal property boundaries. This can be helpful when presenting your home and when working through the appraisal process. For many real estate transactions, land surveys will not be a strict requirement. Although they may be needed and can be helpful. Again the better-prepared one is when selling their home the smoother things will progress.
List of Repairs
Sellers will need to provide disclosure to buyers during the selling process. This means that any issues with the home or recent repairs need to be made known. Thus, it is good to keep a running list of repairs and home improvement projects that the home has undergone. This can also have an effect when it comes to negotiations as any project that improves the home has potential to increase its value.
One last area of documentation that may be needed is that of comparable sales. This refers to the sales prices of other homes similar to your in your area that have sold in the last six months or so. This is one of the main factors that will determine your listing price. In order to justify your listing price, the comparable sales will be needed. A good real estate agent will be able to get these numbers for you and help with setting a strategic listing price.
For more help putting your home on the market contact Realtor Chris Budz today!