ADVICE FOR SELLERS
(The comments contained on this page are for informational purposes only and do not constitute legal advice.)
Choosing a REALTOR®
Setting Your Price
The Listing Agreement
The Listing Agreement will Outline
Listing and Marketing your Property
Waiting for the Right Opportunity
- Is your house being shown regularly?
- Are you receiving feedback from prospective buyers?
- Are you in touch with the marketplace?
- Is your property competing well? If not, what else can you do?
Accepting an Offer
Once a buyer is found, you’ll receive an offer that will:
Detail the buyer’s price
Specify any conditions that may apply or be attached
State desired date of possession
The date the offer expires
As an act of good faith, the buyer will make a deposit with the offer. You don’t have to accept the offer as is. You may wish to make a counter offer that meets the original offer partway. The counter offer is one more step along the way to negotiating the final terms and conditions of the sale.
The offer, once signed by everyone, is a binding contract. Make sure you understand and agree to all the terms in the document. Before signing, you may want your lawyer to review it. Your lawyer should also ensure that you receive compensation for prepaid expenses, such as property taxes, electrical or gas bills, or if applicable, any heating oil left in your tank.
After these are paid, you will receive any money you have coming from the sale.
Other Possible Requirements
Before closing, if the buyer insists upon any conditions of sale, you may be asked to provide a number of things:
A current survey, or a “real property report”, showing that the house sits on the property that you own; that is, that there aren’t any encroachments onto other properties
Title to property (the buyer’s lawyer will check this out when he or she conducts a title search to see if there are any liens on the property, easements, rights of way or height restrictions)
Especially in rural areas, a certificate for a well or septic system, stating the system meets local standards
Access to the property by a qualified engineer or inspector.
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