Selling Houses
If you are working on selling houses, there may be things that you want to know. It can be a confusing process if this is the first time you have sold a house.
Documents Required when Selling Houses
If you’re thinking of selling houses, the documents that are going to need to prepare or get ready for closing is the abstract of title, sometimes referred to as a title search. It’s a document, thick, dates back to 1920 or later, goes to anyone that has any interest in a property: Easements, right of ways, deeds, it’s all reflected in the title search. That has to be updated to the time that you’re closing on a transaction and as well as the survey. The survey you required also at the time you acquire the premises and the survey shows you the boundary lines, the structure situated on the property so that the buyer’s attorney can do a proper examination for the premises.
In addition to those documents, and those are the two most important, you’re going to want to get receded tax statements, proof of payment at the property taxes are paid because you are entitled to a reimbursement on those, those would be pro-rated at the time of closing. Proof of payment at the time with regard to the water charges are necessary, and in some municipality, we need to have certifications for a back walk certificate, a side walk certificate, water certificates, sewer certificates.
There are also, in many instances, in a situation where you need to have some self-pump certifications, particularly in some of our local towns. In addition to those documents, it is necessary to have health department certifications with regards to any well or septic system that is on the property. those certifications are necessary in order to transfer the property, if they’re not available, the house is for instance has been vacant for a period of time, then we have to hold an escrow at the time of closing to make certain that health department certifications are acquired after closing.
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Mortgage and Loans when Selling Houses
If you’re selling houses and you have a mortgage on it or you have equity loan, we’re going to be asking you for that information at the onset. My office is going to send you out a seller’s information letter, and in that seller’s information letter, it’s going to set for the documentation that we want, remind you that we need information from you and the most important of those documents or information is going to be that involving the mortgage and the home equity loan, we need to know the mortgage company, the account number, the address, so we ask you to provide us with the last statement you’ve received from them because it will have all of that information on it; same with regarding the home equity loan. And then what will happen, when I know the deal is about to close, we’re going to contact the lender and the home equity company and we’re going to make certain that we get pay-off statements.
Those pay off statements are going to set for the amount due, the interest, and we’re going to calculate that so we can make certain that when we close, we are able to send the money to the bank to pay off the mortgage. Mortgage gets paid off, the mortgage company, usually within 30 days is going to issue a satisfaction or discharge of mortgage, and we make certain that, that of course is filed in the area county of the clerk’s office. The buyer of the property needs to know that information also and we follow up with the purchaser’s attorney to make certain that, that information is sent to the buyer’s attorney so that they’re informed too.
If you are looking for an attorney to make selling houses an enjoyable experience, contact Buffalo real estate attorney Randy Gugino to schedule a consultation today.
