It is entirely possible to sell your home on your own without the assistance of a realtor. In some cases, you may want to keep your sale private to save money on commissions, or you want to avoid the hassle of a public listing with endless showings and open house events. Perhaps you have had an independent offer on your home that you want to accept. No matter the reason that you want to sell your home without a realtor, you will still need to gather the right paperwork.
One of the advantages of working with a realtor is that they will take care of most of your paperwork. If you are selling independently, you will need to know exactly what documents and contracts you will need to create a legal and binding sale. You don’t want to run into a situation where some aspect of your paperwork has held up the finalization of your house sale.
If you are selling your home to a private buyer like a property investment firm, you will want to consult a lawyer to help you finalize your sale. Let’s take a closer look at some of the standard paperwork that you will need to sell your house privately.
Real Estate Purchase Contract
If you are selling your home privately, the most crucial document that you will need is a sales contract. There are many templates available online here; however, it’s essential to get your lawyer to sign off on the validity of all of your documents before you close your sale. Your real estate purchase contract must contain minimum information including:
- Property address
- Deposit amount
- Purchase price
- Household items included (appliances, window treatments, etc.)
- Assessments
Home Assessment
The lender responsible for the home loan of your buyer will prepare for a licensed appraisal agent to give a valuation on your home.
Current Mortgage Statement
You will need to get a current mortgage statement from your lender that shows both your current balance and your estimated payout balance that includes any interest owed. Keep in mind that your payoff amount will not be the same as your balance owed.
Homeowner’s Insurance Statement
While a copy of your home insurance statement isn’t a legal requirement when selling your house, it is a considerate inclusion for your potential buyers that shows the general coverage of your home.
List of Repairs and Maintenance
Your buyer may want to see a list of any repairs or maintenance that was performed on your home. For example, if you have had your roof replaced, you should include the paperwork for that particular job so that your buyers will have a reference going forward. Include all receipts, warranties, and work orders for repairs on your home including:
- Roof repairs or replacement
- Window repairs or replacement
- Gutter cleaning
- Chimney cleaning
- House painting
- HVAC maintenance, and repair
- Utility payments
Preliminary Title Report
Your title report will let your buyer know the amount of property taxes owed on the property along with any outstanding liens.
Mandatory Disclosures
By law, you are obligated to disclose the presence of harmful contaminants in your home, including asbestos, lead paint, insect infestation.
Home Appraisal
You will need to have a formal home appraisal completed so your buyer’s lender will have an evaluation of the fair market value of your home.
Property Title Deed
The property title deed is the legally binding document that allows you to transfer ownership of your property to your buyer.
If you are selling your home without a realtor, it’s important to ensure that you collect all of these important documents and have them reviewed by your real estate attorney.