Documents: An Important Aspect of Selling Your Home Fast
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Finance > Real Estate
Apr 18, 2007
Documents: An Important Aspect of Selling Your Home Fast
After you have entered into a binding contract with the buyer, there are several transactions that you have to see through before closing the sale. While closing a transaction, there are a number of documents that are required. For example, the sale and purchase agreement is the fundamental document from which all the other documents are created. Here are some of the other documents that are used when closing a deal: . Settlement Sheet: The settlement sheet shows the date of settlement, the adjustments to be credited to each party and the various costs. It has to be signed by the seller as well as the buyer. . Escrow Agreement: This agreement can be used only for escrow settlements. It contains a list of instructions that should be signed by the seller and the buyer, prior to the settlement. The instructions include the roles and responsibilities of the escrow agent, the conditions of the escrow, and the requirements for the release of escrowed documents and funds. . Bill of Sale: This document describes the assets that are being transferred and determines the amount needed to pay for the assets. It should be signed by the seller and, in some cases, the buyer as well. . Promissory Note: This document is only used in case of an installment sale, and it includes the principle amount and the terms of payment by the buyer. Only the buyer must sign it. It also states the remedies to help the seller, in case the buyer does not pay off the debt. . Security Agreement: This is only used in an installment sale, and should be signed by both the parties. On the other hand, once you have finished selling your home and all the transactions are complete, there are chances that a dispute concerning the deal may arise. If that is the case, taking particular documents to your attorney will provide him the necessary information to analyze the situation. This will assist him in understanding yours as well as the opposing partys position. The following are the documents to be submitted to your attorney: . Complaints or summons from either side . All files related to the other party . All files related to the property . All communication with or related to the other party. . All communication related to the property . Message pads or phone logs that are related to the buyer . Any legal contracts or documents with the other party . Closing documents . Representation and listing agreements . Title deeds, documents and policies . Environmental and inspections reports . Offers or bids, if any . Property tax statements These are just a few important documents that you should be aware of. Actually, there are almost 200 documents and transactions you need to be informed about, if you wish to sell your home fast. Selling your home fast can certainly add considerably to your outcome, especially when the real estate market is on an upward trend. However, in order to conduct a smooth transaction, you need to be well prepared and informed.
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