Need to sell your house in San Antonio? Things will move along much more swiftly and smoothly if you are prepared from the start by organizing all of your documents.
Paperwork is given during legal transactions, and it’s no different when you’re selling your house in San Antonio. You’ll want to have the following 6 documents in hand, which are ordinarily required in the home-selling process, before you put your property on the market.
Contract
For a legally binding contract and the ability to settle any disputes after its closing, be sure both parties sign it. Details on this document for your San Antonio house need to include, the closing date, price, and date of occupancy. Additionally, add any conditions for termination as well as inspection dates. Out-of-state buyers necessitate your being aware that a uniform Commercial Code governs commercial transactions that cross state lines.
Disclose! Disclose! Disclose!
A property disclosure will detail any known defects or malfunctions in the home. Failure to do so can lead to legal entanglements and expenses when selling your house in San Antonio.
Title
The deed to your property designates legal ownership and must be presented to the buyer for careful review. The deed for your house in San Antonio must be transferred after the sale to the name of the new owner.
Occupancy Rider
Timing doesn’t always work out, and you’ll want to have a document in place that details responsibilities for any rent, utilities, or additional costs or repairs, as insurance policies usually do not cover this period. If 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 San Antonio, 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 San Antonio. If 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.
Promise
The promissory note, obtained from the buyer, is a contract that clearly outlines the rights and duties of the parties, and 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 financier, 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 detail the installments to be paid to the holder or payee.
Settlement Statement
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, so 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 avoid legal nightmares in the future. Be prepared at the closing, should the solicitor request that you show proof of your 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.
Ready to close the deal? Gather the 6 documents you need when selling your house in San Antonio and give Pronto House Buyers a call at 210-446-0222 or send us a message at any time!