Real Estate 101

TIPS FOR HOME SELLERS:

1) Send me the most recent copy of your house deed, title policy, property survey, certificate of occupancy and tax bill. While I can order these materials from public sources, getting them may take several days. When I have these materials, I can prepare a contract tailored to your transaction. Less time will be spent in negotiating contract points that could be resolved by simply checking your documents.

2) Have you improved your home? Tell me if you’ve changed your house since buying it. Have you added a dormer or finished a basement? Many home improvements require building permits. Your sale may be delayed if we need to get permits, electrical underwriter’s certificates, and town approvals.

3) Do you have an underground fuel tank? Tell me if you have an underground fuel tank, or know of one on your property. Few buyers will risk buying property with a buried tank that may one day leak oil. So we’ll need to discuss how to abandon or replace your tank.

4) Have you applied for or been turned down for a property variance from the Zoning Board of Appeals? If so, you should provide me with a copy of their determination.

5) Do you have a mortgage? Send me a copy of your mortgage statement. I will contact your current lender to determine your outstanding loan balance which will be paid off at closing.

6) Will you qualify for a tax-deferred exchange? If you will be using your sale proceeds to purchase another property, let’s discuss a tax – deferred exchange. That vehicle may allow you to defer the payment of taxes on your profit.

7) Are you having a property dispute with your neighbors? If so, we should discuss the problem.