No matter what we do in life paperwork seems to be a necessary evil. There are seemingly endless forms to sign and contracts to read. When selling your house there is certain paperwork that both you the seller and the buyer will need to have in order to complete the sale.

Read the Fine Print

We hear this all the time, but often we just skim over documents assuming everything will be fine. This is a big mistake! One that could be very costly. When selling your home you want to make sure exactly what is going in the buyer’s contract. There are certain things you as the seller will be responsible for but you do not need unnecessary responsibilities or penalties added. This could be the case if you do not read the fine print. It would be wise to have a lawyer read all documents before signing if you are choosing to sell your home on your own.

Buyer’s Paperwork

You will want to make sure the buyer has all the needed paperwork for finalizing on his end. Make certain your buyer has proof of pre-approval for loans, if you are going that route when selling. Credit reports and financial information can be gotten by a realtor from the buyer. However, you will have to handle this part if you are selling your own home. If you are going through a realtor the buyer’s paperwork will pretty much be handled by the real estate agent. You will only have your paperwork to worry about in that case.

Seller’s Paperwork

Again, if you are going through a realtor much of the paperwork will be taken care of through them. But, you will need to have the title and may be required to pay for a title search as proof there are no liens or past problems with the house. If so, you will need a copy of this as well. Your lawyer can handle this if you are selling on your own.

Bill of Inspection

You will also have to have a Bill of Inspection from any inspections that have been done. Some types of inspections are required by law. Who pays for the inspection may depend on the contract terms and the state laws in your area.

Buyer’s Contract

A contract of purchase will be necessary. This will outline all the terms of the sale. Who is paying for what and what each party’s responsibilities are going to be. Terms of payments and other pertinent information will be included. Have a lawyer help you draw this up and go over it carefully if you are not going through a real estate agent.

Bill of Sale

Last but not least, is the bill of sale. The Bill of Sale is the final piece of paper that is signed by both parties and transfers ownership of the home. It will have exactly how much the down payment was and other monetary information on it.

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