Alike buying a house, selling it could be as overwhelming and time taking. Whether you are splitting with your spouse, thinking about upgrading or downsizing, or selling your property pertaining to financial necessity, it is advisable to be legally prepared to protect yourself from pitfalls awaiting the unprepared seller.
So,before putting that House For Sale sign on your front door or vouching on that offer saying we buy houses Virginia Beach, here are a few things to be checked to get yourself legally ready before going forth with the decision.
Pay unpaid dues, debts or encumbrance:
Before settling with a buyer or real estate investor, it is very essential to clear out any debt, encumbrance or dues that have incurred on your house. Check whether in any case your property has local or federal tax due, you have yet to clear home owners’ association fees or any general unpaid debt for that matter. Unsettled debts can become a huge obstacle if not taken care of before going a step further with the process of selling your house.
Get a house sale agreement drafted:
The procedure of selling your house doesn’t end with getting the payment, it is just coming half way down. There are double the things to be considered once you are done with closing a deal that says we buy houses Norfolk. What would be the profit sharing division, who will cover for all the debts, dues or mortgages and by how much? Questions like these are bound to surface if you are in a joint ownership. So, sit with your partner, jot down the ownership expectations of both the parties and then come to the conclusion. Have an experienced professional help you draft an agreement which will clearly state the allocation of the proceeds after sale, responsibilities over repayment of debts or encumbrance for clarity & transparency.
Get consent in writing to sell the house from each homeowner:
The ownership structure you have over your house plays a crucial factor when it comes to the decision of parting ways with it. It can greatly impact on the process of getting it sold if you have inherited the property with other family members as joint tenants or made your spouse equal owner of it. It is thus imperative to get the consent from all the owners or divide your property as per the laws of your state court of equity before you consider signing any contract with the reseller.
In case you and your spouse are getting a divorce and decide to sell your house mutually which is under joint tenancy, both you and your partner would be required to sign the deed of property transfer, just you signing won’t be enough and legit.