Finalizing the sale of your home

Selling your home and moving on can be an exciting time. And in today’s hot seller’s market, things can move fast, so you don’t want to waste time hunting down paperwork. Get ahead of the game by tracking down the important documents you’ll need to finalize the sale of your home. Having everything in order lets you focus on prepping your home for sale and shopping for your new one.

Here’s a checklist of the most common documents needed to finalize the sale of your home after you’ve accepted an offer.

✓ Property tax receipts 
Find the latest statement that shows the annual amount of property tax you pay.  

✓ Land survey
You might need a new land survey if you’ve added buildings or additions since the last survey. If this is the case, plan ahead for the time and expense required to get a new one. Prices and scheduling vary so shop around for qualified surveyors in your area.

✓ Deeds
Home deeds are essential. Keep in mind that some condominiums have separate deeds for the condo unit, any parking spots, and a storage locker.

✓ Defect disclosure
You are obligated to report any latent defects in your property. These can be summarized ahead of time. Your realtor or lawyer may have a form that you can complete, like the Seller Property Information Sheet (SPIS). There are two kinds of defects:

1. Physical defects don’t need to be disclosed because they are obvious to anyone inspecting the home like a chipped countertop or a scratched floor.

2. ​​Latent defects should be disclosed because they’re not obvious and you could get in trouble for intentionally concealing them. This might include a seasonal leak, termites, or knob-and-tube wiring in some rooms.

✓ Renovation contracts and receipts (optional)
As a courtesy to the new owners of your home, you may want to include copies of contracts for renovations and receipts for major appliances still under warranty. Double-check that you don’t include any payment or credit card details.

Your reward
The reward for being an organized seller is that you won’t find yourself scrambling at the last minute to produce important documents that may be necessary in order to finalize the sale. Whether you’re thinking about selling or already have your home on the market, start getting organized for a stress-free deal by talking to a Meridian Mortgage Specialist.