When you sell your house, you’ll need to navigate the legal process to ensure a smooth transaction. Here’s a look at what you can expect.
Most people don’t enjoy the process of selling their house. There’s the hassle of getting your home in show-ready condition, dealing with potential buyers, and haggling over price. But once you’ve found a buyer and come to an agreement, there’s still the legal process to contend with.
The legal process of selling a house can be daunting, but knowing what to expect can help make the process go more smoothly. Here’s a look at the basics of what you’ll need to do to legally sell your house.
The first step is to sign a contract with the buyer. This contract will detail the purchase price, any contingencies, and the closing date. It’s important to have a lawyer look over the contract before you sign it to ensure that it’s fair and protects your interests.
Once the contract is signed, the buyer will typically have a certain amount of time to get financing in place. If they are unable to do so, you are usually entitled to cancel the contract and keep the deposit.
Once financing is secured, the next step is to schedule a closing date. On this date, the deed to the property will be transferred to the buyer and they will pay the balance of the purchase price. At the closing, you’ll also need to provide the buyer with a title insurance policy. This will protect them against any legal issues that may arise in the future regarding the property.
After the closing, you’ll need to complete a few final steps to legally transfer ownership of the property. This includes filing a deed with the local registry of deeds and providing the buyer with a stainless steel key to the property. Once these steps are completed, the legal process of selling your house will be complete.
While the legal process of selling a house can be a bit complicated, understanding the basics can help make the process go more smoothly. With a little knowledge and preparation, you can complete the sale of your home without any major issues.
