You should select a professional real estate agent to represent your needs. Once you establish a working relationship with your agent, your home is put on the market and marketed to potential buyers. Once a buyer makes an offer on your home you have three options: accept the offer, counter the offer, or reject the offer. After you accept an offer you can expect to do the following:
- Earnest money deposited into the listing brokers trust account.
- Buyer or Buyers Agent orders inspections, receives clearances and approves final reports and/or repairs to the property as required by the terms of the purchase and sale agreement (responsibility for inspection procedures may vary).
- Seller submits documents and information to the Title Company, such as:
- account info for lien holders, if any,
- homeowner association info, if any,
- home warranty contracts, if any,
- any leases and/or rental agreements.
- Completion of appraisal by Buyers lender, if applicable.
- Seller will execute all required escrow documents with the Title Company.
- Buyer and Seller fulfill any remaining conditions specified in the contract.
- Buyer and Seller approve any final changes by signing amendments to the contract.
Note: The above is general information only. Your situation may differ. Please consult your real estate professional for details about your specific situation.
SELLERS FINANCIAL RESPONSIBILITIES
SELLING YOUR HOME: COSTS AND FEES
The process of selling your home involves several costs and fees. The following information is very general. Many of these items can be negotiated with the buyer. Consult your real estate professional for details.
- Real estate commission.
- Document preparation fee for deed or other documents.
- Documentary transfer tax (State Deed Tax).
- Any loan fees required by buyer’s lender and agreed to in the contract.
- Payoff of all loans in seller’s name.
- Interest accrued to lender being paid off, statement fees, reconveyance fees and any prepayment penalties.
- Home warranty, if applicable.
- Any judgments, tax liens, etc., against the seller.
- Tax proration (for any taxes unpaid at time of transfer of title).
- Any unpaid homeowner’s dues.
- Any unpaid assessments as agreed upon in the contract.
- Any water or utility balances due through the closing or possession date.
- Recording charges to clear all documents of record against seller.
- Any assessments (according to contract).
- Any and all delinquent taxes.
- Notary fees.
- Escrow fees (according to contract).
- Title insurance premium (according to contract), if applicable.