The stack of paperwork you’ll encounter when selling your house in North Carolina is a big one. There are papers you’ll need before listing, documents for listing, documents when an offer is made, and documents for the closing. While it might seem like a lot, don’t fret! Handling one piece of paper at a time will make things easy for you. Get your ducks in a row to sell your house in North Carolina!
Selling your house in North Carolina will require a lot of paperwork, but you don’t have to feel overwhelmed. In this post, we will review some of the paperwork required to sell your house in North Carolina. Keep in mind that there are different requirements depending on where the house is located, so you’ll want to confirm everything with an agent or lawyer before you begin the selling process.
Documents For Listing
CMA Report
A Comparative Market Analysis (CMA) report is a tool used primarily in real estate to determine a property’s market value. Here’s a breakdown of what a CMA report typically includes:
Introduction
- Purpose of the Report: Explains why the CMA is being conducted.
- Property Address: The address of the property being analyzed.
Property Details
- Subject Property Information: Includes details such as square footage, number of bedrooms and bathrooms, lot size, and any unique features or upgrades.
- Photos of the Property: Exterior and interior shots to provide a visual reference.
Comparable Properties
- Recently Sold Properties: Data on similar properties that have recently sold in the same area. Includes sale price, date of sale, and key features.
- Active Listings: Current properties on the market that are similar to the subject property.
- Pending Sales: Properties that are under contract but have not yet closed.
Listing Contract
Your listing contract will give your agent the exclusive right to sell your house in North Carolina. Before agreeing to a listing, make sure you understand what is included and what isn’t.
A Listing Contract, also known as a Listing Agreement, is a formal agreement between a property owner and a real estate agent or brokerage that outlines the terms and conditions for the sale of the property. Here’s an overview of what a typical Listing Contract includes:
Parties Involved
- Seller Information: Name(s) and contact details of the property owner(s).
- Agent/Broker Information: Name, contact details, and brokerage of the real estate agent or company representing the seller.
Property Details
- Property Address: Complete address of the property being listed.
- Legal Description: Detailed legal description of the property, often including parcel number.
Listing Terms
- Listing Price: The price at which the property will be listed for sale.
- Listing Period: The duration of the listing agreement, typically ranging from a few months to a year.
- Type of Listing: Specifies whether it is an exclusive right-to-sell, exclusive agency, or open listing.
Agent’s Duties and Responsibilities
- Marketing: How the property will be marketed, including advertising, online listings, open houses, etc.
- Communication: How often and in what manner the agent will update the seller on the status of the sale.
Commission and Fees
- Commission Rate: The percentage of the sale price that the agent will earn as a commission.
- Fee Structure: Details on how the commission is to be paid, including any additional fees or expenses.
Disclosures
Any defect or problem with the house will need to be disclosed to your potential buyers. You’ll need to provide this information on a disclosure statement. This is the law and can be considered fraud if known items aren’t disclosed.
In real estate transactions, disclosures are crucial as they inform buyers about the condition and history of the property. Here are some common types of disclosures that sellers might need to provide:
Seller’s Disclosure Statement
- General Condition: Information about the overall condition of the property, including any known defects or issues.
- Systems and Appliances: Details on the condition of major systems such as heating, cooling, plumbing, and electrical, as well as appliances.
- Renovations and Repairs: Documentation of any major repairs or renovations, including whether permits were obtained.
Receipts and Repair History
Receipts and repair history are important components of a property’s documentation when selling or buying a home. They provide a record of maintenance and improvements, which can affect the property’s value and appeal. Here’s what you should include:
Receipts
- Major Repairs: Receipts for significant repairs such as roof replacements, HVAC system repairs, plumbing work, or electrical upgrades.
- Appliance Purchases: Documentation for the purchase and installation of major appliances like refrigerators, stoves, or washers and dryers.
- Renovations: Receipts for any renovations or remodels, including kitchen or bathroom updates.
- Professional Services: Receipts for services from contractors, electricians, plumbers, or landscapers.
Repair History
- Detailed Records: A chronological list of repairs and maintenance performed on the property. This should include dates, descriptions of the work done, and any associated costs.
- Routine Maintenance: Information about regular maintenance tasks such as furnace servicing, pest control treatments, or gutter cleaning.
- Warranties: Copies of warranties or guarantees for work done, including details on coverage and expiration dates.
- Inspection Reports: Any inspection reports from past home inspections or evaluations that highlight previous issues and their resolutions.
How to Organize
- Create a Binder or Digital File: Organize all receipts and repair records in a binder or a digital folder. This makes it easy to access and present the information.
- Label and Date: Clearly label each document and include dates to provide a clear timeline of repairs and improvements.
- Include Contact Information: Add contact details for contractors or service providers who performed the work, in case the buyer needs more information.
Why It Matters
- Transparency: Provides buyers with a clear picture of how well the property has been maintained.
- Value: Can demonstrate the property’s value and justify the asking price by showing that it has been well cared for.
- Negotiations: Helps in negotiations by providing evidence of the property’s condition and any improvements made.
Preliminary Title Report
A preliminary title report will show your potential buyers that the house is owned by you, that you are up to date on your taxes, and that there are no liens against the property that can impede the sale process.
Warranty Information
Your buyers will want to know about the home warranty as well as the warranty of any appliances that are included in the home sale.
Paperwork After An Offer
Purchase Offer
A purchase offer lays out the initial terms and framework of the deal. It expresses your buyer’s intent to buy. It is not the final contract as the terms of the purchase agreement may change as more is discovered about the property.
Appraisal
If your buyer is working with a lender to purchase your home, an appraisal will be required. If the house appraises for less than what is being offered, you may find yourself in negotiations with your buyer and their bank, or the sale may end up falling through completely. (With a direct sale to Tarheel Home Buyers, you won’t have to worry about an appraisal or the deal falling through.)
Inspection Report
The inspection report will show if there are and structural problems, infestations, or issues with the property that need to be dealt with. If there are problems with the house that weren’t mentioned in the disclosures, your buyer will negotiate on price or ask you to repair before the sale is finalized.
Purchase Agreement
The purchase agreement is the final contract to buy the home. It lays out all of the details of the transaction and protects all parties involved. It will clearly lay out what is being paid, what is owed, and the timeline for the selling process.
Deed
The deed is the final document in the home sale. It legally transfers ownership from one person to another. The deed will need to be filed and recorded as quickly as possible.
Leave The Paperwork To Us Instead!
The paperwork mentioned above covers just a few of the things you will need to sell your house in North Carolina the traditional way. That said, when you sell your house to Tarheel Home Buyers, all of the paperwork will be handled for you! You won’t have to waste time wondering if you have the right document, if you filed it with the right person, or if you filled it out correctly. We are very experienced buyers who can help you through the entire process making sure everything is handled legally and timely. If you’re ready to sell your house in North Carolina, let us provide you with a great offer! We’ll handle all of the details to make the sale a success!