There are strict legal requirements that the cash home buyer and seller should adhere to for their transaction to be valid and legal. Here are some of the legal documents that are essential for selling a home for cash in most countries for the law to recognize the transaction as legal.
It is great to be prepared early enough by getting home inspection reports even if the cash home buyer is least interested in them, but you can prove the value of your property if the buyer inspects it and lowers its value to dupe you. You will get a residential property disclosure form from the home inspector for you to fill in with all the honesty about the repairs that need to be done in your home to let the buyer know before they finalize the transaction with you.
Present the cash home buyer a warning statement about the lead-based paint if your home was built before the 21st century. Depending on your state, you can print a document about the lead-based paint in your home from the website of the relevant authorities. You are not responsible for the damage that the lead-based paint will have on the people who will live in the home if the buyer is presented with the warning statement and agree to buy the property regardless of the warning.
A sale or purchase contract should be available in written hard copy, and not electronic form for signing when you reach an agreement with the buyer for the contract protects the interests of both parties by stipulating the rights and obligations of each party to the other. Purchase a copy of the fill-in real estate sales contract from the legal print shops and specific office supply stores at an affordable cost. Make the contract after coming into agreement with the cash home buyer before you sign it.
Prepare and updated private mortgage form. Fill-in private mortgage forms are available at legal print shops and office supply stores for printing at a price. The forms must have information about the total amount of the mortgage, number of payments, payment due date, frequency and amount, interest rate, late penalties, how the payments are made through a mailed check to the home address, the street address of the home and property tax identification number and more. The cash home buyer needs the information because these documents will also be required by the future buyer of the home.
The buyer requires a deed of ownership and transfer from you. The county clerk or recorder’s office gave you the transfer and disclosure forms as proof that you own the home. These documents contain information about the buyer, seller and the property such as its value, property tax number and the taxes that you are liable to pay on the sale on the transfer form. Get the original and certified copy at the county clerk or recorder’s office.
An original or current survey will show the cash home buyer the boundaries of your property and what you own in graphic representation. The buyer will also use these documents to establish whether your home has extended beyond the boundaries of your neighbor’s land or not to provide evidence to the future buyer if land disputes come up in the future.
