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Steps To Take To Close Your Home Sale

Steps To Take To Close Your Home Sale


If you are a new home seller and don’t have much idea about the closing of your home sale and how the process actually works, even if you are a quick home seller you need to know the actual closing process of a cash home selling option. This article will help you learn how you can go through the closing process. if you are someone from Fort Myers, we are the right fit for you as being cash home buyers in your area. To contact us, just click this link: Blue Eyes Properties, LLC

 

There always seems to be an endless pile of paperwork and a lot of legal hoops to jump through.  While some of the documentation seems to be very simple and easy. Closing a real estate would appear simple and easy if you have a certain experience.  Not being an attorney, we would say that don’t take these statements as legal advice, instead, you can be benefited from the step-by-step information. 

 

If you are the kind of person who wants to know the exact steps you need to go through, we are going to show you the right path. The process is almost similar if you are a buyer or a seller. Your situation may differ from state to state and all things may not be applicable in your case. If you are looking for an option “buy my Fort Myers, Fl house”, we are the right people who can really help you. Blue Eyes Properties, LLC 

 

Before you act on anything described below, be sure to consult with an attorney or legal professional in your area to confirm you’re following the right steps and procedure. 

 

Why closing sale is important:

Being able to close a transaction in-house is a huge asset. By handling this entire process in-house, you can minimize paperwork and make the process much less intimidating for the person on the other end of your transaction.

 

Depending on the property, you may even find that closing the transaction yourself can be faster and less cumbersome for everyone involved. If for no other reason –we think that it’s very helpful to have a basic working knowledge of how real estate transactions actually work. It’s very important to understand why title companies require what they do in a closing, which documents are an absolute must, and which documents are more discretionary in nature.

 

Firstly, purchase and sale agreement:

Sometimes real estate agents make this step lengthy and confusing though this document doesn’t need to be complicated. This can be accomplished in a 2-3-page document that lays out the basic terms of the deal.  It’s easily found online.

The basic items are included are as follows:

  • The date of the agreement, the date when the agreement expires, and the date by which the transaction must be closed
  • The purchase price of the property and how the price will be paid (e.g. – via cash, wire transfer, cashiers check, etc.)
  • The state, county, parcel number and legal description of the property being bought/sold
  • The name and signature of both the buyer and seller (in some states, these signatures will need to be witnessed by a third-party as well)
  • Details on which party will pay for closing costs (e.g. – property taxes, title work, recording fees, etc.)
  • How the seller will convey the title to the buyer (e.g. – via Warranty Deed, Quit Claim Deed, etc.)

 

Second, title search:

For this part of the process, you can either hire a title company to issue you a title insurance policy, or you can try to complete the title search yourself. If you have no idea where to start don’t hesitate to make it safe and hiring a title company to handle this for you.

 

Disclosure statement: 

The purpose of this document is to ensure that when I am selling a property, the buyer is 100% responsible for doing their due diligence. When you are selling your property very fast, you don’t always have to research every potential issue under the sun. You can focus on the most common issues.

The purpose of the disclosure statement is to confirm a few things in writing:

  • The buyer understands that it’s their job to do their homework before they purchase the property. You are not going to be responsible for their shortcomings (as the seller) 
  • You are not assuming any liability or responsibility for issues you were never aware of in the first place.
  • The buyer is releasing you of all liability in the transaction (i.e. – they won’t turn around and try to sue you at the first sign of trouble).

 

Deed accomplishment:

The deed is the most important thing in your transaction because it’s the official document that transfers the property’s legal title from one person to another. As long as the process is accomplished, the transfer of the ownership is completed. It will be considered valid according to the written deed.

 

Warranty deed: 

With a Warranty Deed, the seller is giving the buyer their “Warranty” (i.e. – Guarantee/Promise) that the title to the property is free and clear and the buyer will receive all reasonable rights to the property. This deed should only be used when the buyer knows for a fact that the property’s title is clear of any liens and encumbrances. Most educated buyers will strongly prefer this type of deed.

 

Supporting documentation:

May state need supporting documentation as a way of notifying local municipality about the transition that just took place.

 

IRS form: 

In many situations, the person responsible for closing the transaction is required to file a form with the IRS. But in some cases, this IRS form is not required.

 

Record keeping:

Once the transaction is closed and everything has been signed, sealed and recorded and delivered, you must keep the copies of all the fully executed documents in your file.

Closing your own real estate deal is not really difficult. When you are buying or selling a property with a cash sale, it’s just a matter of taking the time to ensure that all the documents are completed with the correct information, signed by all appropriate parties and then sent to the appropriate places for recording. And you are done with your quick home sale closing.

To accomplish the process without an error and loss you can contact us: Blue Eyes Properties, LLC. 

Or call us at (941)216-5657

As always, if you need any assistance, buying or selling your next home, contact us at Blue Eyes Properties, LLC, (941)216-5657 and we’ll help you any way we can. You can also email us at 315homebuyers@gmail.com
Blueeyesproperties.com
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