Having a legal checklist when selling your home is essential to making sure that the process runs as smoothly and stress-free as possible.
Knowing what legal steps you need to take and when can help you avoid any potential issues that may come up during the sale.
This checklist will provide you with a comprehensive guide to all of the legal steps that need to be taken when selling your home, from preparing the contract of sale to ensuring the title is transferred properly.
With this guide, you can be sure that your sale is conducted legally and according to regulations!
Clear Title
Well well well, it’s the age-old question, “Do you own this property free and clear or is there some shady business going on?”
Listen, folks, confirming a clear title to a property is like confirming that you’re the rightful owner of a fancy new car, you should’ve done it when you first got your hands on it, but better late than never.
When selling your home, you’ll need to make sure that any potential buyers know that you’re the rightful owner and there aren’t any hidden liens on the property. This can involve hiring a title insurance company, especially if you’ve owned the property for a long time or if you’ve taken out any mortgages on the property. It’s like buying a used car, you want to make sure there are no hidden surprises before you take it home.
So, don’t be like that guy who bought a stolen car, make sure you have a clear title before you hand over the keys to your castle.
Advertise Right
Ladies and gentlemen, gather ’round and listen up! If you’re thinking about selling your home, you want to make sure you’re doing it the right way. Not just for the buyers but for yourself too!
You see, states have laws and regulations on where and how a home can be advertised for sale. It’s like trying to throw a party, you want to invite as many people as possible, but you also want to make sure you’re doing it legally.
So before you put up that “For Sale” sign, do your research and make sure you’re following all the rules and regulations. Trust me, you don’t want to be the person who gets in trouble for throwing an illegal party, or in this case, advertising your home illegally.
In short, you want to attract buyers, but you want to do it the legal way because nobody likes a lawbreaker.
Make Disclosures
Listen up folks, before you seal the deal and hand over the keys, there are a few things you need to disclose to the buyer. It’s like playing a game of poker, you want to win but you also want to make sure you’re playing fair.
As mentioned earlier, you may need to hire a neutral home inspector and make certain disclosures in writing. It’s like opening your cards, you want to show your hand but you also want to make sure that you’re not hiding any secrets.
So before you sign on the dotted line, make sure you’re disclosing all the necessary information to the buyers. Trust me, you don’t want to be the person who gets caught with a wild card, or in this case, a hidden defect that could revoke the sale.
In short, play fair and disclose all the necessary information to the buyer before the sale is completed, because nobody likes a cheater.
Transfer Properly
Listen, folks, handing over the keys to your home is not as simple as just handing them over. It’s like giving away the crown jewels, you want to make sure everything is in order before you let them go.
Conveying property is a bit more complicated than just handing over the keys. You need to make sure the deeds are filed and the type of ownership title is clear. It’s like signing a contract, you want to make sure all the T’s are crossed and the I’s are dotted before you put your signature on it.
So, before you finalize the sale, make sure all the proper paperwork is in order.
It’s like packing for a vacation, you want to make sure you have all the essentials before you leave.
In short, make sure all the proper paperwork is in order before finalizing the sale because nobody likes a messy transfer of ownership.
Pay Taxes
Listen up folks, when you’re selling your home it’s like hitting the jackpot, a major money exchange is happening. And you know who loves money exchanges? The IRS, that’s who.
So, make sure you report your home sale properly on your tax return. It’s like filing a report to the bank when you win the lottery, you want to make sure you’re doing it the right way.
And the good news is, you might be entitled to a nice tax credit at the end of the year. It’s like getting a prize for doing the right thing, a reward for being a responsible citizen.
In short, selling a home is a major money exchange and the IRS wants to know about it. Make sure you report it properly on your tax return, you might be entitled to a nice tax credit at the end of the year.
Because who doesn’t love a little bonus at the end of the year?
Hire an Attorney
Ladies and gentlemen, if you’re thinking of selling your home, this should be at the top of your list, right next to hiring a good cleaning crew. Hiring an experienced real estate lawyer is like hiring a personal assistant, they’ll take care of all the nitty-gritty details and make sure everything is done right.
Think of them as your own personal real estate genie, they’ll make sure all the steps are taken care of, and more. It’s like having a personal chef, they’ll take care of all the ingredients, so you can focus on the final product.
So don’t hesitate, to contact an experienced real estate lawyer today, before you put up that “For Sale” sign. Trust me, you’ll thank yourself later.
In short, hiring an experienced real estate lawyer should be at the top of your list when selling your home, because who doesn’t love a little help from a pro?
