How to Complete Your Selling Paperwork for Faster Closing

Posted by Edmonton Homes.ca on Thursday, September 13th, 2018 at 7:53am.

Your Guide to Selling PapersThe paperwork of a home sale can be difficult to wade through for those who aren't familiar with real estate. Not only is it time-consuming, but it's also confusing to interpret the many terms and contingencies that lace through practically every form. Those who want a relatively quick and easy escrow process should have an idea of their obligations so they can speed their closing date along.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Clean Title

Home buyers are justifiable to demand a clean title before purchasing a home. The last thing they need is for a bank to show up with a lien on the property or an ex-spouse to claim the property is rightfully theirs. Home sellers need to either prove their total ownership of the home or disclose any potential problems that may interfere with the buyer's ownership.

So if the neighbor has been pestering the seller that the hedges that border the property are in dispute, sellers need to either work this out before selling or officially tell the buyer about the conflict in the title paperwork. Sellers also may need to include information about their mortgage payment history, including any penalties they may have incurred.

Included Information

Buyers and sellers will typically work together to decide exactly what is included in the home sale. If the seller wants to take the bedroom ceiling fan with them when they go, they'll need to specify this in the paperwork so there are no disputes. This step may take some time, but it's the best way to ensure everyone gets what they're looking for.

Sellers should also work to give buyers the financial data they need to budget for home ownership. This can include anything from utility bills to property taxes from the last 12 months. If the seller has a contracted worker (e.g., gardener, pool cleaner, etc.), they need to provide the future buyer with the official paperwork.

What's required of a seller varies by province, but this step is a smart one regardless of whether or not it's necessary. Sellers can also include information about the future of the neighborhood (e.g., if there's a major shopping center being developed in the next 10 years). Going the extra mile can save time in case buyers ask for additional information before closing.

The Tone of the Paperwork

Sellers should want to show buyers just how much care and attention went into the home over the past year. For example, sellers who score high marks on their Certificate of Location can confidently tell buyers that their home was deemed to be in excellent condition by the local surveyor.

If sellers have made major renovations to your Northeast Edmonton property, they'll want to include the documentation as to who they hired, what was done, and how much was spent. Active warranties on appliances or workmanship and user manuals can all go a long way to assuring a buyer that the seller was responsible and careful enough to hold onto this useful information.

The best way to complete selling paperwork is always going to involve having a real estate agent help fill everything out. They're the ones who can button up each clause to ensure buyers get everything they need. At the same time, sellers will need to take some responsibility by understanding the forms and gathering the documents they need to make the process as smooth as possible.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

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