As we look forward to spring, many people place their homes for sale and start looking for the perfect new home to buy. Below are the items to keep in mind when selling your home. Next month we will discuss the items buyers must remember when buying a home.
When deciding to sell your home, you may want to select a licensed Real Estate Agent to assist you. Real Estate Agents are knowledgeable of and familiar with the market area in which your house is located. They take into consideration the characteristics of the house, the neighborhood, the current market, etc. when assisting you with determining a sales price.
In Pennsylvania, every Seller of a Residential property must fill out a Seller’s Disclosure Statement. As the Seller, carefully fill out the Disclosure Statement. It is very important to answer each question in a complete and honest manner. Providing more information is better than failing to provide enough. Filling out the Seller’s Disclosure Statement in this manner will significantly reduce the risk of lawsuits and litigation arising after the sale of the home.
Once an acceptable offer is presented, both Buyer and Seller will sign the Sales Agreement. Examples of items that the sales agreement should address are: sales price, hand money, personal property included in the sale, inspections, and contingencies regarding the sale of buyer’s current home, delayed possession, closing cost credits, etc.
The Buyer will likely select to have a home inspection, termite/pest inspection and radon test conducted. The Sales Agreement should indicate when the inspections must be completed (usually ten days).
The Sales Agreement should indicate when the Buyer must provide you with a Mortgage Commitment Letter. This Letter is from the Lender and indicates that the Buyer has been approved for the loan at the specified purchase price.
In Pennsylvania, the Buyer is entitled to select who will act as the Title/Settlement Agent. These Agents are also referred to as Closing Agents.
The Closing Agent will contact you if the borough/township requires that a dye test be conducted. If one needs to be conducted, a certified plumber must contact the municipality and schedule a time for the test.
A day or two before the Closing, you will receive the Final HUD-1. This is a detailed list of all your Closing Costs. It will also state the amount of money that you will receive at Closing or in a minority of situations; it will state the amount of money you must bring to the Closing.
If you are required to bring money to the Closing, you will need to bring a certified check made payable to yourself for the specified amount. You will sign it over to the Closing Agent at the closing.
Before the Closing, the Buyer will do a final walk through of the house. Always have the Buyer sign a statement indicating that the final walk through has been completed to the Buyer’s satisfaction.
The Closing should take approximately 30 – 45 minutes.
Save all of the documents regarding this sale.
Located on Route 19 in Warrendale, Pennsylvania, the attorneys at Richards & Richards, LLP have been providing clients throughout western Pennsylvania assistance with their residential and commercial real estate transactions, corporation start-up work, estate planning and administration for three generations. If you would like assistance regarding any of these areas, please call 412-261-2620.
