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Vital Documents that are required to Sell 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. Vital documents that are required to legalize selling a home to a home cash buyer legal are discussed below.
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. 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. Depending on your state, you can print a document about the lead-based paint in your home from the website of the relevant authorities. When the cash home buyer accepts to buy the home even after going through and understanding the lead-based paint warning statement, you will not be held responsible for the health effects that the paint will have on the people who will live in the home in the future.
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.
Prepare and updated private mortgage form. These fill-in private mortgage forms are for sale in legal print shops and office supply stores. 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. 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.
The buyer requires a deed of ownership and transfer from you. 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. 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 county clerk or recorder’s office has a copy of the deed of ownership and transfer from the county land records office.
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.