Legal Checklist for Selling a Home
Home selling process is not just emotional but also involves many legal issues. Before starting to sell your home, it’s better to have all legal documents to make the home selling process very easy. If you are a person who has never sold a home then please keep on reading this blog. Here is the legal checklist for selling a home.
Copy of Registry
Every buyer will ask you about the clear title of the property to confirm that you are the real owner. To sell your property or home quickly, you should have a copy of the old sales deed or the registry. The registry has the name of the owner of the property, the time it was transferred and all paid taxes. So get a copy of the registry of your home to prove the clear title to the buyers.
Pay Due Property Taxes
The home owners pay the taxes to the councils for the provision of the utility services. There are also the luxury property taxes or other taxes that are paid to the government annually. In order to sell your home just pays the council taxes and government taxes. This is important as buyer will not buy the home when taxes are not paid as buyer has to pay the taxes after becoming the owner.
Listing Agreement
Listing of your home is a must to sell it quickly through an estate agent. So you do need a listing agreement with the realtor. The estate agent will find the buyer for you and in return you will pay the commission fee. The listing agreement details out home details or specifications, your price demand and commission of the real estate agent.
Sales Agreement
Sales agreement is needed to transfer the title of the home or the property. The document details out the selling price, closing date and other terms and conditions. Seller uses this letter to pay the taxes for selling the property whereas buyer uses the document to prepare the registry of the property. The document is also important as there are penalties if buyers or sellers fail to fulfill their duties as per the document.
Pay Seller’s Taxes
Seller is legally bound to report the selling of home in annual tax returns. Selling a home involves the exchange of money so as a seller you have to pay the taxes to the government. The taxes may vary from country to country but most common taxes are the gain tax or profit tax and withholding tax. If you fail to pay the taxes on time, then you can be served a notice by the court.