Are you thinking about selling your house in Kansas City? Are you in a position where you need to sell your Kansas City house now? If that’s the case one of the best things you can do to move things along quickly and smoothly is to be prepared and have all of the documents you need organized.
Anytime you are conducting a legal transaction such as selling your house in Kansas City, paperwork is a given. You’ll want to have to following documents available which are normally required when selling your house in Kansas City.
This one is the first document most people think of when they think of paperwork needed for selling their Kansas City house. A solid contract is important since it is a legally binding document that makes it possible to settle any disputes after closing. This document must be signed by both parties for it to be binding. Some of the key details in this document include, the date of closing, purchase price, date of possession, and usually an inspection period. Also, the contract will likely include conditions for the termination of the contract by either party as well.
Disclose! Disclose! Disclose!
When selling your Kansas City house, it is very important that you disclose as much as you possibly can to protect yourself from a lawsuit down the road. 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 Kansas City.
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 Kansas City must be transferred after the sale to the name of the new owner. Title work in the Kansas City area is usually done by a title company or an attorney.
Sometimes timing doesn’t always work in your favor when selling your Kansas City home. If that’s the case you’ll want a document called an occupancy rider, which will detail all of the items that cover the occupancy of the house. Items such as rent responsibilities, utilities, and repairs. If you need to stay in the house after the closing date you will need a post-occupancy agreement. Also if the buyer will be occupying the house prior to closing you will also need a pre-occupancy agreement signed by both parties. t
Third-Party Financing Clause
When you need to sell, you could consider getting a mortgage on your house as another source of financing for your buyer in Kansas City. 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.