HOW TO BE PREPARED AS A SELLER
- Documents That Your Selling Attorney will Need ASAP
- Copy of your Purchase Contract with your Agent(s) Name, Phone, Fax; the Buyers Attorney, Phone, Fax.
- Lender for your Buyer, Contact Name, Phone Fax.
- Your Contact Phone Numbers and Email address for Easy Communication.
- Abstract of Title: This is the document that records all of the history/liens against the property. Most likely your current lender will have this document and should not charge you a fee to receive it. In the event that you cannot locate the abstract, you may refer to your statement of sale (also known as a HUD-1) and this information should be listed in this document.
- A copy of your existing survey. It costs less to update the existing survey than to produce a new one.
- Current Property Tax Bills-School, County and Village (if applicable)
- Current Mortgage Statements- This allows your attorney to have all of your account information to order a final mortgage payoff. Your attorney may also need your signed authorization to obtain this information from your lender.
- If you purchased your house with a spouse joint tenant who is now deceased, your attorney will need a copy of the death certificate.
Less real estate commission
Less Seller concessions (if applicable)
Less first mortgage payoff and any Second/home equity loans
Less deed stamps ($4 per $1,000 purchase price)
Less Abstract/Survey update
Less attorney fees
Less back taxes
Less Miscellaneous expenses i.e. : Water test, septic test, repairs, and radon mitigation
Equals NET Proceeds- Plus reimbursement for taxes paid by you already
Plus fuel oil/fire wood adjustment
Barbara A. Stevens
Licensed Real Estate Salesperson