Paperwork for Selling a House Without a Realtor

Selling a house without a realtor can be an attractive option for those looking to save money and maintain control over the process. However, it is crucial to be prepared for the paperwork involved in a property transaction, which may typically include:

• Property disclosure statement: This document lists all known issues, defects, or problems with the property. It is mandatory in most states and safeguards the seller from possible legal disputes in the future.

• Sales contract: The sales contract lays out the terms and conditions of the sale, such as the purchase price, closing date, and any contingencies. It is a critical document for both parties as it establishes a binding agreement.

• Title report and title insurance: A title report confirms the property's ownership and reveals any liens or encumbrances. Title insurance protects the buyer from any potential issues resulting from defects in the title.Home inspection report: While not always legally required, a home inspection report provides an assessment of the property's condition and identifies potential issues that may need attention.

• Appraisal report: An appraisal report establishes the fair market value of the property and is typically required by mortgage lenders to ensure the property is worth the loan amount. Although not always necessary in a cash transaction, it can be useful for both the buyer and the seller to validate the agreed-upon price.

• Closing statement: The closing statement, also known as a settlement statement or HUD-1 form, itemizes the financial details of the transaction, such as the purchase price, down payment, and closing costs. Both parties should review this document carefully before signing.