Home selling involves a lot of paperwork, oftentimes more paperwork than a home seller is prepared for. Homeowners who wish to sell their property and have a smooth real estate transaction must get their papers in order before they start the sale process. Knowing the various types of paperwork that are involved in selling a home can help. Here are just a few of the most common items sellers should be aware of.
Warranty Information and Owner's Manuals
Warranties for appliances and home renovations often carry forward from one homeowner to the next. Details about the home warranty, including whether or not the warranty transfers from one homeowner to the other, should be contained in the document that homeowners receive upon making the purchase.
Warranties are like a small bonus for new home buyers, because they reassure buyers that certain parts of the house are protected from failure and poor workmanship. It's important to remember that warranties can even apply to certain types of building materials, like roofing shingles. Documentation and warranty information about building materials may be with the contractor, if the home was recently renovated. Homeowners can talk to their contractor to get this documentation before selling their home.
On a related note, home sellers who have manuals for their appliances can do buyers a favor by leaving the manuals and product information for each appliance.
Preliminary Title Report
The preliminary title report is a document that provides information about liens on the property, taxes owed and whether or not any conditions exist that could prevent the sale process from moving forward. This title report should be run early in the home selling process, before the home is listed, so that the sellers can find out whether or not anything needs to be addressed before listing the property. The home seller's real estate agent can help the seller obtain this report.
Documents Relating to the Ownership of the Home
Homeowners typically have a lot of documentation relating to the purchase of their home. This documentation like the sales contract, certificate of compliance with building codes, surveys of the property and other relevant documents may become useful at various times throughout the home selling process.
Comparative Market Analysis
Before the real estate agent lists the house on the local real estate listings, he or she must first run a comparative market analysis. This is a report that gathers information about other homes in the neighborhood that are comparable in size and age. The CMA documents the listing and sale prices of other homes in the area. These numbers are all averaged so that the home seller will know how to price their home.
The CMA can also be used to help home sellers determine when an offer on the house is fair. The CMA prevents home sellers from listing their home for a higher price than is reasonable for the neighborhood. Ultimately, having a copy of the CMA report can help keep the home selling process going smoothly.
Professional Inspection Reports
If professional home inspectors inspected the Mountain Book property before the home was put up for sale, this information is important for the home selling process. Home sellers must hang on to this documentation. Home sellers should also store documentation about any subsequent repairs that were made to the house as a result of the home inspection. This documentation can help ensure home buyers that the house was properly maintained and that any recent defects have been corrected.
Documentation Relating to the HOA
Homeowners who live in a neighborhood with a homeowners association should have a document called the Covenants, Conditions and Restrictions (CC&R's). This document establishes the rules of the neighborhood where the homeowner lives. CC&Rs will likely be presented to the new home buyer by the HOA, so the seller may not need to provide a copy to the buyer.
However, CC&Rs may become important during the home selling process. There are likely to be restrictions in the CC&Rs that will apply to portions of the home selling process. For example, the CC&Rs may require the homeowner to get permission to park a moving truck in the driveway or in front of the house. Having this document on hand will help make the selling and moving process easier.
Work With Your Real Estate Agent
Home sellers who work with a professional real estate agent often find it easier to gather the appropriate paperwork before listing their house for sale. If you're a homeowner who would like to sell your home and need some guidance about the type of paperwork that you will need, contact a reputable real estate agent in your area. Your real estate agent can help you throughout the home selling process.