Selling your house in Louisville, KY comes with a substantial stack of paperwork. This includes documents required before listing, those essential for the listing process itself, paperwork related to offers received, and the necessary documents for the closing stage. While this might appear overwhelming, rest assured that taking it one step at a time can simplify the process. By ensuring you have all your paperwork organized and in order, you’ll be well-prepared to sell your Louisville, KY home.
In this post we will help you understand the basics you need and help you prepare. Keep in mind that there are different requirements depending on where the house is located, so you’ll want to confirm everything with an agent or lawyer before you begin the selling process.
Documents For Listing
CMA Report
Before listing your house, you’ll want to obtain a CMA for your property. A comparative market analysis (CMA) is a tool that real estate agents use to estimate the value of a specific property by evaluating similar ones that have recently sold in the same area. The CMA will provide you with information on recent area sales so you can determine what you should be asking for your house.
Listing Contract
Your listing contract paperwork will give your agent the exclusive right to sell your house in Louisville, KY. Before agreeing to a listing, make sure you understand what is included and what isn’t. A good agent will set up a consultation with you to explain everything about the selling process and make sure you are aware of all costs and requirements of you and your time. This makes for a good relationship before, during and after the sale of your home.
In addition to these documents, some states have special items they require while the property is listed. Make sure you have everything required so you aren’t subject to any costs or fees!
Disclosures
Any defect or problem with the house will need to be disclosed to your potential buyers. You’ll need to provide this information on a disclosure statement. This is the law and can be considered fraud if known items aren’t disclosed. It is always in everyone’s best interest to disclose all you know before putting your house on the market.
Receipts and Repair History
Your buyers will want to know what has been done to your home and when. They’ll want to know who was used, what services were performed, who did the work, and what sort of guarantees are offered. It’s a good idea to keep a folder of all of your home repair documentation so everything is in one spot and easily accessible.
This is not a requirement, but is always a good selling point for potential buyers to know when and by whom repairs and updates were completed.
Preliminary Title Report
A preliminary title report will show your potential buyers that the house is owned by you, that you are up to date on your taxes, and that there are no liens against the property that can impede the sale process.
Warranty Information
Your buyers will want to know about a home warranty if you choose to offer one as well as the warranty of any appliances that are included in the home sale. If you have installed new windows, new roof, and had foundation or waterproofing work completed, you will want to include any warranties.
Paperwork After An Offer
Purchase Offer
A purchase offer lays out the initial terms and framework of the deal. It expresses your buyer’s intent to buy. It is not the final contract as the terms of the purchase agreement may change as more is discovered about the property.
Inspection Report
The buyer will usually hire an inspector who will look over all of the major areas of the house. They will produce an inspection report to show if there are any problems, infestations, or issues with the property that need to be dealt with. Depending on the inspector they will normally include pictures along with the description of any issue. If there are problems with the house that weren’t mentioned in the disclosures, your buyer will negotiate on price or ask you to repair before the sale is finalized.
Appraisal
If your buyer is working with a lender to purchase your home, an appraisal will be required. The buyers mortgage company will usually send an appraiser after the inspection period has been completed and any changes are made to the contract. If the house appraises for less than what is being offered, you may find yourself in negotiations with your buyer and their bank, or the sale may end up falling through completely. (With a direct sale to Grace Buys Houses, you won’t have to worry about an appraisal or the deal falling through.)
Purchase Agreement
The purchase agreement is the final contract to buy the home. It lays out all of the details of the transaction and protects all parties involved. It will clearly lay out what is being paid, what is owed, and the timeline for the selling process.
Deed
The deed is the final document in the home sale. It legally transfers ownership from one person to another. The deed will need to be filed and recorded as quickly as possible.
Leave The Paperwork To Us Instead!
The paperwork mentioned above covers just a few of the things you will need to sell your house in Louisville, KY the traditional way. That said, when you sell your house to Grace Buys Houses, all of the paperwork will be handled for you! You won’t have to waste time wondering if you have the right document, if you filed it with the right person, or if you filled it out correctly. We are very experienced buyers who can help you through the entire process making sure everything is handled legally and timely. If you’re ready to sell your house in Louisville, KY, let us provide you with a great offer! We’ll handle all of the details to make the sale a success!