If you’re considering selling your house in Greenville, things will move more smoothly if you prepare yourself early on in the process. Organizing all of your documents is a great way to start the process of selling your house in a hurry, or at whatever speed you prefer. Documentation is an integral part of any legal transaction and it can make or break a sale. You’ll want to have the following 6 documents on hand at closing and on record for the next few years.
Purchase Contract
For a contract to be legally binding, it must be signed by both parties prior to closing. In fact, you’ll want it to be signed as soon as you agree on a price so you lock in that buyer! A solid purchase contract also gives you the ability to settle any disputes that may arise after closing. Required details that this document needs to contain include the:
- Closing Date
- Purchase Price
- Date of Occupancy
Additionally, add any conditions for termination as well as inspection dates. There are also special rules that you’ll need to consider if you’re working with an out of state buyer as well. Be sure to talk to your closing attorney to clear up any contingencies.
Disclosures
A property disclosure will detail any known defects or malfunctions in the home and is required in the state of NC per the “Disclosure Act” (G.S.47E). You can get a copy of the printable disclosure by clicking here. Just fill out the information and bring it to your closing attorney, or your Greenville real estate agent if you’re selling your house in that fashion. The disclosure isn’t hard to fill out, but failure to do so can lead to legal entanglements and expenses after closing. Avoid them by getting your disclosure completed.
Property Deed
The deed to your property designates the legal ownership and must be presented to the buyer for careful review. Nowadays a lot of these are filed online and can be viewed as public records by going to the register of deeds web site, so you may not need (or ever receive) a physical copy. If you still have a physical copy of the deed, be sure to have it on hand so you can give it to your attorney at closing. He will then complete the sale by transferring it to the new owner(s).
Post-Occupancy Agreement
Timing isn’t always on your side and you may not be able to move out of your house before closing takes place. If this is the case, you’re going to want to have a document in place that will detail responsibilities for any rent, utilities, repairs, insurance payments, or additional costs that could be accrued by the buyer while you’re still moving out. The post-occupancy agreement is what this is called, and it attaches to your purchase contract as a rider. It’s going to outline the date of closing and the amount of time you have left to live in the home prior to needing to leave.
We worked with a property in Grifton, NC where we needed to add a post-occupancy agreement because the current owner needed to remove belongings from the house. This is standard in our market. Conversely, if the buyer needs to be in place prior to closing on your house in Greenville NC, it will require a pre-occupancy agreement.
Promissory Note
The promissory note, which can be acquired by the closing attorney, is a contract written to clearly outline the rights and duties of both parties, which must be signed and dated. For buyers who are purchasing their house in Greenville NC through non-conventional means, this is extremely important, as it opens up the opportunity for using the seller to finance the purchase. If you’re selling your house in a hurry, seller finance is a great, fast option. In this type of transaction, the property is acting as collateral 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 statement, also known as a settlement statement. At least one day prior to the closing the buyer has the right to review this statement. This allows consumers to be aware of what they’re being charged when it comes to fees and commissions at closing. If the purchase is being made using bank financing, the interest and loan terms will be shown on the promissory note.
Strict adherence to these laws will help you to avoid legal nightmares in the future. Be prepared and bring your identification to the closing, should the attorney request you to show your proof of identity. The documents should be examined carefully before being provided to the buyer. If you don’t understand the documents, take the time to go over them with the closing attorney or broker. 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 Greenville and give Pitt Home Buyers a call at (252) 227-0274 or send us a message at any time!