It’s never too early to call your trusted Real Estate agent to discuss the sale of your home. Make an appointment to walk through your home so they can prepare a detailed market analysis. This will help you understand what your home is worth so you can plan for your next venture.

Your trusted Real Estate agent should also create an individualized plan to prep your home to maximize its value. Having a well presented home, brings more buyers which equals potential for multiple offers, therefore  the best price, terms and in the shortest time frame.

HELPFUL TIPS TO PREPARE YOUR HOME:

• Remove clutter from the inside and outside
• Landscaping: cut and edge grass, trim hedges, weed gardens, rake leaves
• Freshen up your home: Paint, fix or wash- railings, steps, storm windows, screens and doors
• Clean roof & gutters (drone shots will capture your roof)
• Pressure wash your house (only wash for vinyl), deck, driveway, and patios
• Replace all burned out light bulbs
• Oil door hinges, tighten door knobs
• Give home a thorough cleaning including professional cleaning of carpets if needed

Before showing or previewing your property, licensed agents will schedule through your agent or potentially an app called Showingtime which gives you many more flexible options. Advertised open houses can be scheduled to invite interested buyers through your property to increase interest. Ultimately the goal is to maximize the amount of buyers that see your home in order to increase potential offers. Your agent will work with you to develop a plan that achieves this goal.

Buyers will make an offer on your home using a purchase and sale agreement which will outline the sale & transfer of your property to them. Your agent will negotiate on your behalf to reach the most favorable terms in the purchase sale and agreement for the sale of your home. This agreement usually consists of the following pages which your agent will cover with you in detail. 

• Residential purchase and sale agreement
• Financing addendum
• Inspection addendum
• Appraisal addendum
• Lead-based paint notification-when appropriate

• Agency disclosure
• Property disclosure form completed by you prior to listing your home
• The legal description of your property
• Identification of utilities

During the negotiation stage of the transaction, a mutually agreed-upon date for closing is determined. “Closing” is when you and the buyer sign all the paperwork and pay your share of the settlement fees, and the documents are recorded.

Settlement obligations vary widely due to specific contract language, local laws and customs.

Prior to closing, the closing agent (usually a title & escrow company) will complete a detailed settlement statement for both buyer and seller.

THE SELLER PAYS:

• Commission to the listing agent and the buyer’s agent which is required to be negotiable 
• Title insurance is paid by the seller and half of the escrow fees paid to the escrow company for preparing the closing
• Local transfer taxes
• Repairs the seller has agreed to pay for if any

Title insurance may protect against loss from any defects in the legal title, liens against the property or other adverse claims. The lender usually requires title insurance.

• APPRAISAL an expert opinion of the value or worth of a property
• ASSESSED VALUE the value placed on a property by a municipality for purposes of levying taxes. It may differ widely from appraised or market value
• CERTIFICATE OF TITLE a document, signed by a title examiner, stating that a seller has an insurable title to the property
• CLOSING the deed to a property is legally transferred from seller to buyer, and documents are recorded
• COMMISSION a fee (usually a percentage of the total transaction) paid to an agent or broker for services performed
• COMPARATIVE MARKET ANALYSIS (CMA) a survey of the attributes and selling process of comparable homes on the market or recently sold; used to help determine a correct pricing strategy for a seller’s property
• CONTRACT a binding legal agreement between two or more parties that outlines the conditions for the exchange of value (for example: money exchanged for title to property)
• DEED a legal document that formally conveys ownership of a property from seller to buyer
• DOWN PAYMENT a percentage of the purchase price that the buyer must pay in cash and may not borrow from the lender
• EQUITY the value of the homeowners interest in the property: the market value less the total of the mortgage owed and any property liens is the amount of equity a homeowner has
• FIXTURE a recognizable entity (such as a kitchen cabinet, drape or light fixture) that is permanently attached to a property and belongs to the property when it is sold
• HAZARD INSURANCE compensates for property damage from specified hazards such as fire and wind
• LIEN a security claim on a property until a debt is satisfied
• LISTING CONTRACT an agreement whereby an owner engages a real estate firm for a specified period of time to sell a property, for which, upon the sale, the agent receives a commission
• MARKET PRICE the actual price at which a property sold
• MARKET VALUE the price that is established by present economic conditions, location and general trends
• MORTGAGE security claim by a lender against a property until the debt is paid
• MULTIPLE LISTING SERVICE (MLS) a system that provides to its members of real estate professionals detailed information about properties for sale
• PREPAYMENT PENALTY a fee paid by a borrower who pays off the loan before it is due
• PRINCIPAL one of the parties to a contract; or the amount of money borrowed, for which interest is charged
• PRORATE divide or assess proportionately
• PURCHASE & SALE AGREEMENT a contract between buyer and seller that outlines the details of the property transfer; or refer to “Purchase and sale agreement” in this guide
• SETTLEMENT all financial transactions required to make the contract final.
• TITLE a document that indicates ownership of a specific property
• TITLE SEARCH detailed examination of the entire document history of a property title to make sure there are no legal encumbrances