Need to sell your house in Milwaukee? Things will move along much more swiftly and smoothly if you are prepared from the start by organizing all of your documents.
Paperwork is a given during legal transactions and it’s no different when you’re selling your house in Milwaukee. 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.
A legally blinding contract has to be signed by both parties. This is the only way to ensure you can settle any disputes after closing the sale. Details of this contract have to include the price, the closing date, date of occupancy and similar. We would advise you to add terms of termination and to include inspection dates. And if you are buying out of state, there is a Uniform Commercial Code that governs any commercial transaction across the state lines.
Disclose! Disclose! Disclose!
A property disclosure will detail any known defects or malfunctions on the home. Failure to do so can lead to legal entanglements and expenses when selling your house in Milwaukee.
The deed to your property designates the legal ownership and must be presented to the buyer for careful review. The deed for your house in Milwaukee must be transferred after the sale to the name of the new owner.
Sometimes, plans can get disrupted and the sale can be delayed. This is why you should always prepare a document in case this occurs, so you can agree on responsibility for any utilities, rent, or other additional cost during this period. Also, if you plan to stay in the house after the closing date, you should make a post-occupancy agreement. There is also a pre-occupancy agreement, in case a buyer needs to move in before the sale is closed.
Third-Party Financing Clause
When you’re selling your house in Milwaukee, you could consider getting a mortgage on your house as another source of financing for your buyer. Should 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.
The promissory note, obtained from the buyer, is a contract written to clearly outline the rights and duties of the parties, which 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 detailing the installments to be paid to the holder or payee.
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, in order 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 to avoid legal nightmares in the future. Be prepared at the closing, should the solicitor request you to show your proof of 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.