Selling a home is a gargantuan task — and hopefully one that you won’t need to undertake more than a few times in your life. The sale process can be time-consuming, complex and demanding, involving all manner of challenges from preparing for open houses to negotiating with potential buyers.
Beyond that, there’s also the hassle of having to deal with a seemingly endless pile of paperwork that can be especially daunting for a first-time seller. In this post, we thus seek to provide you with a comprehensive overview of the key documents you’ll need to sell your home in Pennsylvania so you can be better prepared the next time you find yourself in such a situation.
Pre-Listing Documents
Before you get started on listing your home for sale, there are some documents that you will need to gather:
1. Comparative Market Analysis
A comparative market analysis (or CMA) is a detailed report that is generally used by real estate agents or property appraisers to estimate the current market value of the home. This estimate can be derived from a number of factors, including the prices of similar, recently sold homes in the vicinity as well as active home listings in the area.
This document helps you to determine a realistic asking price that will attract potential buyers while enabling you to maximize profits.
2. Listing Agreement
If you are like most homeowners and opt to engage a realtor or real estate agent to assist you with your home sale, you will also need to complete a listing agreement. This document is a legally binding contract between you and the agent that authorizes them to sell the property on your behalf. It typically includes information including the listing price, commission details as well as the terms of the sale.
3. Seller’s Disclosure Form
In most U.S. states including Pennsylvania, home sellers are also legally required to provide buyers with a disclosure in the form of a seller’s disclosure form. This document contains information known to the seller regarding defects or issues with the property — such as structural issues, flooding history and legal issues such as zoning disputes.
Providing information that the seller knows to be false in this form may also open them up to legal consequences in the future even after the home is sold.
4. Deed
The deed for a property is a legal document that transfers ownership of the property from one person to another. This document is essential as it confirms that you are the owner of the property and therefore have the right to sell it.
5. Title Report
On the other hand, a title report is a document that is prepared by a real estate attorney or a title company outlining the legal status of a property’s ownership. It’s similar to a deed in that it also provides buyers with assurance that the seller is the legal owner of the property, but also goes a step further by identifying any potential issues on the title – such as liens and potential claims by other parties.
Sale and Closing Documents
During and after the sale process, several other documents will also come into play, including:
1. Offer and Purchase Agreement
Also known as a sales contract or a real estate purchase agreement, an offer and purchase agreement is perhaps the most important document in the entire home sale. It is an agreement between a seller and a buyer that documents the terms and conditions of the home sale. Usually, this document starts out as an offer from the buyer and becomes a legally binding contract only after the seller accepts the buyer’s offer. The contract will then guide the sale through to closing.
2. Settlement Statement
A settlement statement, also known as a closing statement or closing disclosure (CD), is a document that deals with the financial aspects of the home sale. It contains all the details on the financial transactions and costs involved in the sale of the property, including things like the final sale price of the home, any taxes and commissions, as well as loan information if the buyer is taking a loan.
3. Bill of Sale
If the home sale includes personal belongings such as appliances, furniture or equipment, a bill of sale will also be needed. This document transfers the legal ownership of these other non-property items from the seller to the buyer and essentially acts as a receipt.
4. Mortgage Payoff Statement
Finally, if you still had a mortgage on your property at the time when you sold it, your mortgage lender will also provide you with a mortgage payoff statement that shows the total amount you will need to pay to fully pay off your loan. This document is crucial as it ensures that the mortgage is fully cleared during the sale, enabling you to transfer title of the property to the buyer, free from any liens or encumbrances.
Sell to Professional Homebuyers of Pittsburgh for a Stress-Free Experience
It is without a doubt that selling a home is not easy — especially with the many documents you will need if you’re planning to get the best possible price for your home. That said, if a straightforward and stress-free experience is what you are looking for, sell your home to Homebuyers of Pittsburgh instead.
We are the leading professional home buying company in Pittsburgh and we specialize in buying homes in all conditions. With decades of combined experience in the real estate industry, our home buyers know all of the necessary documents for a home sale like the back of their hands. We also buy homes in all conditions at fair market values so you don’t need to worry about the repairs, renovations and staging that you would ordinarily have to do when selling your home.
Simply fill in your details on our website and one of our experts will be in touch to schedule a free, no-obligation consultation!
