So you’ve decided to sell your house in Knoxville. Congratulations! This is a huge decision, and one that requires quite a bit of paperwork. If you’re like most people, you probably don’t have all of the documents you need to sell your house. This can be a major roadblock for many sellers. In this blog post, we will discuss the documents you need to sell your house in Knoxville and what to do if you don’t have them.
Documents Required to Sell a House
When selling a house, it is easy to forget all the documents you need. Missing documents can lead to long delays or might cause the sale to fall through entirely. The most common document people forget is the deed to the property which is required if you have a mortgage. If you do not have this document, you will need to get it from your lender.
Other important documents include:
-Original sales contract
The original sales contract is the agreement you made with the previous owner of your home during the purchase.
-Appraisal from when you bought your home
An appraisal is a professional way to assess the value of your home in order to determine how much money a mortgage lender will give you.
-Mortgage statement (payoff amount)
If you’re selling your house while still paying off the mortgage, get in touch with your lender or servicer to request a statement displaying how much is left owed.
-Homeowners insurance records
You should be honest with anyone who is interested in buying your home about any repairs or damage that has been done to it.
-Homeowners Association (HOA) documents
Most likely, if you want to sell property that is part of a development, you are already involved with a Homeowners Association (HOA) that controls the entire property.
There are key pieces of information the buyer will need to know before they make a purchase which can be found in the governing HOA documents.
-Home repair and maintenance records
Home repair and maintenance records are not only a great way to keep track of your home improvement projects, but they can also be used as valuable proof when selling your home.
-Receipts for capital improvements
Capital improvements are things like remodeling your kitchen or bathroom or adding a swimming pool or a new roof. They help to lower the capital gains taxes you owe on your home sale by increasing your adjusted cost basis.
-Manuals and Warranties
Just as home repair and maintenance records clue the buyer in on what they’re inheriting, appliance manuals and warranties give them an idea of the condition of these items.
-Past utility bills
Since utility bills will be different in your new home, potential buyers will want to see past records so they can plan their monthly budget.
-Preliminary title report or “prelim”
A preliminary title report, or “prelim,” for short, is a financial and legal summary document that tells you as the seller if there’s anything outstanding on your property before you put your house on the market. In other words, it’s a precautionary measure.
-Mandatory disclosures
Being upfront and honest with your buyer about the property’s condition is key to maintaining a good relationship. No one wants to move into a new home only to find out later that there are health risks present from lead-based paint or asbestos.
-Pre-inspection report
By hiring a home inspector to do a pre-inspection, you can catch any material defects early on.
-Home inspection report
A home inspection contingency gives the buyer the power to have an inspector come and evaluate the property before officially closing the deal.
>> What Home Sellers Need to Know About Inspections and Appraisals in Knoxville
-Home appraisal report
If your buyer plans to finance their home with a mortgage, the lender will request an appraisal to determine the fair market value of your home. The appraiser’s evaluation should take less than one week.
-Most recent tax statement
In order to calculate any outstanding property taxes you owe on your house, you must provide buyers with property tax receipts. This way, they can estimate the cost of taxes on their new property at closing.
-The deed
A deed is a physical legal document that transfers ownership of a house from the seller to the buyer. It includes the identification of both parties as well as a thorough description of the property itself.
>> What’s the difference between a property deed and a title?
-1099-S tax form
If you do not meet the requirements for the capital gains tax exclusion (which allows up to $250,000 of profit from your home sale, or up to $500,000 if filing jointly), then you will have to fill out a 1099-S form come tax season in order to report taxes owed on the sale of your home.
These are just a few of the most important documents needed when selling a house. Be sure to check with your real estate attorney to make sure you have everything you need before listing your home.
What Happens If You Don’t Have The Right Documents To Sell a House
If you are looking to sell a house fast in Knoxville, you will need to provide specific documentation to the buyer. This documentation proves that you are the rightful owner of the property and have the authority to sell it If you do not have the right documents, the buyer may refuse to purchase the house or may ask for a discount on the sale price In some cases, the buyer may even take legal action against the seller Therefore, it is important to make sure that you have all of the necessary documents before putting your house on the market.
The most important document when selling a house is the deed. The deed is a legal document that proves you are the owner of the property. Without the deed, the buyer will not be able to take ownership of the house. If you do not have a deed, you can obtain one from your local county courthouse or recorder’s office.
Another important document is a title search. A title search shows whether there are any liens or encumbrances on the property. Liens can be placed on a property for unpaid taxes, judgments, or other debts. If there is a lien on the property, the buyer will be responsible for paying it off before they can take ownership of the house. An encumbrance is a claim or right that someone has on the property. For example, an easement is an encumbrance that gives someone the right to use a portion of your property for a specific purpose, such as a utility company.
Selling a house does involve a lot of paperwork but don’t be alarmed you don’t need a realtor to sell your house.
Selling a house by owner is popular because it is one of the cheapest ways to sell a house. If you are selling your house without a real estate agent, you will need to prepare a sales contract. This contract should include all pertinent information about the sale, such as the purchase price, financing terms, and closing date. Both the buyer and seller must sign the contract in order for it to be legally binding.
Finally, you will need to provide evidence of home insurance to the buyer. This is to protect them in case anything happens to the house after they purchase it. Without proof of insurance, the buyer may be reluctant to go through with the sale.
If you do not have all of the necessary documents, it is important to obtain them before listing your house for sale. Without the proper documentation, you may have difficulty selling your house or may even face legal action from the buyer.
What to Do If You Don’t Have The Documents Required to Sell a Property
If you are the seller and do not have the documents required to sell a property, there are a few things you can do.
The first option is to try and get the documents as soon as possible. This may involve contacting the previous owner or trying to track down old records. If you are unable to find the documents, you may need to provide a sworn statement explaining why you don’t have them.
Another option is to ask the buyer for a short extension on the closing date. This will give you enough time to get the documents and still avoid any penalties.
If you are unable to get the documents or if the buyer does not agree to an extension, you may need to consider selling your property to cash home buyers in Nashville, Knoxville, or Chattanooga. This can be costly, but it may be your only option if you want to sell your property quickly.
Whatever you do, make sure you understand the risks involved in selling a property without the required documents. This is not a common situation, but it can happen. Be prepared and talk to a real estate professional if you have any questions. They can help you navigate this difficult situation and find the best solution for your specific case.
Final Takeaways
If you are selling a property, it is important to have all of the necessary documents in order before listing it. This will avoid any delays or problems during the sale. If you don’t have the required documents, there are still some options available to you, but it is best to talk to a real estate professional to get expert advice.
Selling a house can be a stressful process, but it doesn’t have to be. By being prepared with the necessary documents, you can make the selling process go much smoother.
Lastly, if you need someone to “buy my house in Tennessee” then you may want to consider a cash home buyer. They can often close on a property quickly, and help get the required documents in order. This may be the best option if you need to sell your house fast and don’t have the required documents.
Contact Nexus Homebuyers today to learn more about selling your house in Tennessee. We are a professional home-buying company that can help you through the entire process, from start to finish. Give us a call today at (865) 999-0025 or fill out our online form to get started!
