One of the most confusing parts of the home selling process is the paperwork. Selling real estate is a process that requires extensive documentation, much of it written in confusing legal language. Knowing what to expect when you sell your home can quell any nervousness that you feel about the selling process, and can also help you make the right decisions when trying to sell.
A listing contract is an agreement that you make with your listing brokerage.
Once signed, the contract cannot be broken or taken back unless specified in the contract. The listing contract names the responsibilities of the licensee as well as the responsibilities of the homeowner. Homeowners are responsible for providing accurate information about the home, outstanding balance on the mortgage, paperwork regarding the zoning and value of the home, and other related details. All of this information must be disclosed when the home goes on the market.
Home sellers may be required to fill out a defect disclosure form to list the latent defects in the property.
Latent defects are defects that make the property dangerous or unfit for inhabitation. Determining what constitutes a latent defect and filling out the form properly can be a challenge for some homeowners. To begin with, many homeowners are unaware of defects in their property. In addition, many homeowners who are aware of defects in their property may not be aware of what constitutes a danger to others and what makes their property unfit for inhabitation.
Working with the real estate agent can help with this process. Your licensee will help you determine what constitutes a latent defect and will help you ensure that the form is filled out to the extent that is necessary.
A purchase offer is a form that a potential buyer submits to the seller.
Purchase offers contain a variety of information about the buyer, the sale price, the offer being submitted, the date of completion of the sale and the date that the buyer will take possession of the home. Home owners who are considering an offer from a buyer will have a variety of options.
- Accept the offer as is.
- Reject the offer.
- Ignore the offer.
- Counter the offer.
Countering an offer involves rejecting the original offer and submitting a new offer to the buyer.
The process can be lengthy, with buyers and sellers making many offers to one another before a final agreement is reached. When trying to decide if an offer is a good one, consult with your real estate agent. They can provide a market analysis of your area and tell you about sale prices of comparable properties in your community.
Work With Your Real Estate Agent
Selling a home can be a stressful and intimidating process. Working with a professional and reputable real estate agent can help make the process more enjoyable. If you’re thinking about selling your home, contact a reputable real estate agent can advise you throughout the process and can help you get the best deal for your home.
Contributed by: Greg Clarke Expert Realtor serving Kelowna and Vernon