7 Documents You Need When Selling Your House in Los Angeles

Oct 5, 2020 | Sellers

Need to sell your house in Los Angeles? Things will move along much more swiftly and smoothly if you are prepared from the start by organizing all of your documents.

Paperwork is a given during legal transactions and it’s no different when you’re selling your house in Los Angeles. You’ll want to have the following 6 documents in hand, which are ordinarily required in the home selling process before you put your property on the market.

Contract

For a legally binding contract and the ability to settle any disputes after closing, be certain it is signed by both parties. Details on this document for your Los Angeles house need to include, the closing date, price, date of occupancy. Additionally, add any conditions for termination as well as inspection dates. Out of state buyers necessitate your being aware that a uniform Commercial Code governs commercial transactions that cross state lines.

Disclose! Disclose! Disclose!

A property disclosure will detail any known defects or malfunctions on the home. Failure to do so can lead to legal entanglements and expenses when selling your house in Los Angeles.

Title

The deed to your property designates the legal ownership and must be presented to the buyer for careful review. The deed for your house in Los Angeles must be transferred after the sale to the name of the new owner.

Occupancy Rider

Timing doesn’t always work out and you’ll want to have n place document should detail responsibilities for any rent, utilities or additional costs or repairs, as insurance policies usually do not cover this period. Should you need to stay in the house after the closing date you will need a post-occupancy agreement. Conversely, should the buyer need to be in place prior to the completion of the sale of your house in Los Angeles, this will require a pre-occupancy agreement.

Third-Party Financing Clause

When you need to sell, you could consider getting a mortgage on your house as another source of financing for your buyer in Los Angeles. Should you do so, your third party financing clause or financing addendum should be attached. In the event your buyer’s traditional mortgage application for the remainder of the financing is denied, you’re protected.

Promise

The promissory note, obtained from the buyer, is a contract written to clearly outline the rights and duties of the parties, which must be signed and dated. For buyers who are purchasing through non-conventional means this is extremely important, as it enables using the seller as the financer, with the property itself acting as the security for the loan. This document should outline the amount of money to be paid, the date to be paid, or detailing the installments to be paid to the holder or payee.

Settlement Statement

HUD Laws now require very specific details of the transaction to be outlined in a closing or settlement statement. At least one day prior to the closing, the buyer has the right to review this statement, in order that consumers are aware of just what they’re being charged in fees at the closing and in financing interest for the term of the loan. Strict adherence to these laws will help you to avoid legal nightmares in the future. Be prepared at the closing, should the solicitor request you to show your proof of identity. The documents should be examined carefully before being provided to the buyer. The broker should verify the information and offer any input should they find errors or information lacking in the documents.

Ready to close on the deal? Gather the 6 documents you need when selling your house in Los Angeles and give John Medina Buys Houses a call at (310) 928-9688 or send us a message at any time!

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Fill Out Our Online Form

First things first, reach out to us. When you visit our website, make sure to fill out our short online form and include all the essential details, such as your name, address, and contact information. Alternatively, you can also call us at (310) 928-9688 to learn more about our services and share your information with us. From there, we’ll handle everything else and get the process going.

Get Your Cash Offer

Once we’ve received your request for a cash offer, we’ll get back to you and schedule a convenient time to inspect your house. We’ll do a thorough walkthrough to gauge the condition of your house and provide you with a fair and competitive price. Keep in mind that this is not a showing. You don’t need to decorate, clean up, or repair your home before our visit. We are more than happy to buy your property in whatever condition it may be, good or bad. .

Why Wait? Get Paid Now

If you’re happy with our offer, we can set up a closing date at your next available time and you will receive your payment then. It’s as simple as that!

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