Need to sell your house in Houston? Everything will flow better and be efficient if you have all your documents organized from the beginning.
Legal transactions require paperwork to be filed, and it applies when you’re selling your house in Houston. When selling your property, you’ll want to have the following 6 documents to ensure the transaction is done smoothly.
This document outlines the conditions of the sale. To be legally binding and have the ability to settle disputes afterwards, it should be signed by both parties. Details on this document for your Houston house need to include the closing date, price, and any other terms. Additionally, add any conditions for termination as well as inspection dates.
Disclose! Disclose! Disclose!
A list of known defects or issues with the house must be disclosed. Failing to do so can cause you legal problems or further expenses when selling your house in Houston.
The deed to your property designates the legal ownership and must be presented to the buyer for careful review. The deed for your house in Houston must be transferred after the sale to the name of the new owner.
Timing doesn’t always work out and you’ll want to have n place document should detail responsibilities for any rent, utilities or additional costs or repairs, as insurance policies usually do not cover this period. Should you need to stay in the house after the closing date you will need a post-occupancy agreement. Conversely, should the buyer need to be in place prior to the completion of the sale of your house in Houston, this will require a pre-occupancy agreement.
Third-Party Financing Clause
When you need to sell, you could consider getting a mortgage on your house as another source of financing for your buyer in Houston. Should you do so, your third party financing clause or financing addendum should be attached. In the event your buyer’s traditional mortgage application for the remainder of the financing is denied, you’re protected.
The promissory note, obtained from the buyer, is a contract written to clearly outline the rights and duties of the parties, which must be signed and dated. For buyers who are purchasing through non-conventional means this is extremely important, as it enables using the seller as the financer, with the property itself acting as the security for the loan. This document should outline the amount of money to be paid, the date to be paid, or detailing the installments to be paid to the holder or payee.
HUD Laws now require very specific details of the transaction to be outlined in a closing or settlement statement. At least one day prior to the closing, the buyer has the right to review this statement, in order that consumers are aware of just what they’re being charged in fees at the closing and in financing interest for the term of the loan. Strict adherence to these laws will help you to avoid legal nightmares in the future. Be prepared at the closing, should the solicitor request you to show your proof of identity. The documents should be examined carefully before being provided to the buyer. The broker should verify the information and offer any input should they find errors or information lacking in the documents.