The stack of paperwork you’ll encounter when selling your house in Chicago 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 Chicago!
Selling your house in Chicago 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 Chicago. 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
Before listing your house, you’ll want to obtain a CMA for your property. The CMA will provide you with information on recent area sales so you can determine what you should be asking for your house.
Your listing contract will give your agent the exclusive right to sell your house in Chicago. Before agreeing to a listing, make sure you understand what is included and what isn’t.
In addition to these documents, some states have special items they require while the property is listed. Make sure you have everything required so you aren’t subject to any costs or fees!
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.
Receipts and Repair History
Your buyers are going to know what was done and when. They’ll want to know who was used, what services were performed, who did the work, and what sort of guarantees are offered. It’s a good idea to keep a folder of all of your home repair documentation so everything is in one spot and easily accessible.
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.
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
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.
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 Chicago Home Buyers, you won’t have to worry about an appraisal or the deal falling through.)
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.
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.
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 Chicago the traditional way. That said, when you sell your house to Chicago 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 Chicago, let us provide you with a great offer! We’ll handle all of the details to make the sale a success!