The For Sale by Owner – First Aid Kit
Selling your property without the benefit of a real estate agent can be dangerous. I have prepared a First Aid Kit for those who will try to sell on your own. The first aid kit consists of documents that will be required to complete a sale.
- Property Transfer Notification Form: Lead paint
- Payoff for existing mortgage
- A deed needs to be prepared for the new owner
- Smoke Alarm and carbon monoxide certification
- Final water reading
Property transfer notification form: is the Federal and State regulated form for the Seller to advise the buyer if there is or isn’t lead paint present in the home and who’s responsibility is who’s? If lead compliant, you will need to provide these documents to the Buyer.
Payoff for existing mortgage: Who does this information go to, how to get it and how far in advance can you get it?
Deed: This is the legal document required to show new ownership. The
Seller is responsible for preparing a new deed!
Smoke alarm & Carbon monoxide certification: Every residential property sold in Massachusetts is required by law to have a certification of the smoke detectors as well as the carbon monoxide detectors. Every city and town in Massachusetts has different placement for these alarms and how many will be required.
Final water reading: is a requirement in order to complete a sale. Water and other municipal liens follow the property so a purchaser would require proof all municipal liens paid in full.
Saving Commission: It is a proven fact that the for sales by owner Sellers recoup LESS money than if they had a professional real estate agent sell their property, not to mention the Seller being ill equipped in gathering all the previous documentation mentioned. Also, a Buyer feels that if the Seller is not using a real estate agent, they the Buyer will offer less because the Seller does not have to pay a commission.
WHO then will save the commission???
If this first aid kits frightens you then you could call M. Celata Real Estate for assistance in the sale of your largest asset. Contact Maureen @ 781-289-7500 or go to www.mcelatarealestate.com for more info.
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