It’s no secret that today’s housing market is explosive. Prices have skyrocketed. Buyers are bidding tens or hundreds of thousands over list price to remain competitive. It seems like the ideal time to sell your home! You probably recall the legal red tape when purchasing. Unfortunately, selling is similarly complicated. Aside from the usual real estate requirements your real estate agent will cover with you, there’s related legal requirements that need attention before you can close the deal.
Complete a Transfer Disclosure Statement Before Agreeing to Sell Your Home
You’ve gotten an offer! But hold the celebration until you finish negotiating with your buyer. In California, you as the seller must complete a Transfer Disclosure Statement which outlines all the facts about the home that may alter a buyer’s desire to buy or the price. For example, if a home has flooded before, you must inform the buyer before you sell in case they decide the potential for water damage was more than they bargained for. Your real estate agent can help you locate the correct documents to complete and a legal document assistant can help you complete them.
Decide Who Pays Title Insurance
In almost all cases, a buyer must have title insurance on the home they are purchasing. Title insurance protects the lender (and sometimes the homeowner) from problems with the title on a house like a lien or conflicting will. In California, title insurance is a must but who pays for it is up for debate. There is often a regional custom which determines who pays for certain requirements when you sell your home. In years past, Northern California sellers would expect buyers to pay for their own title insurance. In Southern California, though, sellers typically pay. However, with the housing market as competitive as it is, these customs may have changed. Check with your agent.
You May Need to Pay Transfer Tax After You Sell Your Home
Before the home is officially transferred into your buyer’s possession, the county government needs to know. Transferring a title when you sell your home is straightforward and requires only one legal document, but taxes are incurred every step of the way, including upon filing your transfer. Depending on the county or city in which you are selling, taxes may vary. Like title insurance, the person who pays for the transfer tax is reliant on local custom. Southern Californian sellers were historically the parties to pay, but the current market may have altered this as well. If you need help completing, signing, and notarizing your transfer paperwork, a legal document assistant can help.
Property Transfer Paperwork Help in the Inland Empire
Transferring real estate whether through a normal home sale or through a bequeathal can feel complex. Luckily, you don’t have to navigate it alone. ProSe Legal’s team of legal document assistants are here to assist you alongside you real estate agent to make selling or buying a home in California a breeze.
If you need help filing legal documents, today or call (909) 224-4361 to schedule your appointment!
