Planning to sell your home? It’s an overwhelming process, from listing your home for sale to packing your belongings and finding a buyer within the desired timeframe. The stress can sometimes take over your mind making you forget some of the important legal steps involved in house selling. 

 

 

Legal requirements for selling a house vary among states, but some steps are uniform whether you want to sell your home in Madison, Brandon, or any other city of Mississippi or have listed it in any other state.

 

We have discussed the 8 most important legal steps you must follow when selling a house. 

1. Hiring a Real Estate Agent

This is not a mandatory step, but it is always good to have the expertise of a realtor if you want to sell your house quickly and at a better price. If you don’t hire an agent, you will have to take care of the complete process by yourself, from listing your home to doing all the paperwork. 

How can a real estate agent make a difference? Suppose you want to sell your home in Dinsmore Ridgeland, Madison. In that case, the realtor will bring buyers looking for homes for sale in Dinsmore Ridgeland, MS. The real estate agent has market information, awareness of the neighborhood, and the experience to help you sell your home quickly. They charge a commission for their services. 

2. Competitive Price Setting

You must set a competitive price for your home before listing it for sale. The market price for real estate keeps fluctuating and takes several factors into account. For instance, the average selling price for homes in Dinsmore Ridgeland, MS, may be significantly different from homes in Sherbourne Madison, MS. 

You must do significant market research and consult a real estate expert to set a price that is attractive for buyers. You can set your ask price according to your specific selling needs. 

3. Making Required Disclosure

You are obliged to make necessary disclosure about the home you are selling. Some states require a written disclosure, while others waive this requirement. It is better to make written disclosure to avoid any inconvenience in the future. 

The disclosure includes information about the potential physical, legal, or environmental discrepancies in the house. For instance, you have a well-furnished home in Sherbourne Madison, MS, that you want to sell but have walls painted in lead paint. You must inform the potential buyers about it. 

Other common disclosures include boundary line issues, noisy neighborhoods, mold, water damage, or cracked foundations. Make sure you do not hide anything. 

4. Facilitating Home Inspection

The potential buyers of your listed home will be interested in visiting and inspecting the house personally. Make sure your house is presentable for the buyers. Keep your personal stuff and valuables away from visitors and show them a clean, decluttered house. 

The buyer may send a professional inspector to prepare a report about your house’s condition. You must facilitate the visit and allow the thorough examination of your house. 

5. Negotiating the Deal

When you get your desired or close to a desired offer from the potential buyer, you can make a counteroffer. The buyer also reserves the right to counter until you both reach an agreement. You cannot sign an agreement until both parties don’t agree on mutually decided terms. 

Your real estate agent can help you through the negotiations by negotiating on your behalf. They are experienced and help you close a deal as close to your desired terms as possible. 

6. Entering the Escrow Period

Now that you have signed the purchase agreement after accepting an offer, you enter the escrow period. During this period, you must hire an agent to look after the paperwork for closing the deal. The title agent will prepare the necessary documents while the buyer may order a home appraisal. 

You are responsible for addressing any issues that may arise during this period. If the buyer wants further inspections, you must facilitate them and resolve the issues raised by the buyer. 

7. Moving out of the House

Finally, it would help if you moved out of the house along with your belongings to make it available for the buyer. You must move out before the closing date, so the house is readily available to the buyer. Don’t forget to broom-clean your house and remove all of your stuff unless agreed otherwise. 

Leave the fixtures as it is and ensure that all the conditions decided in the agreement are fulfilled. The buyer may like to have a final look to ensure that you have left the house in the desired condition. 

8. Closing the Deal 

Once you have handed over the property to the buyer, you must sign all the transfer documents after reviewing them. You may do it with the buyer at the same place or separately. Hand over the house keys and any other essentials to the new owners. 

As a seller, you will have to pay closing costs, including transfer taxes, agent’s commission, insurance fees, and property taxes. With this, you successfully sell your house, complying with all the legal requirements. 

Final Thoughts

Understanding the legal requirements for selling and complying with them is crucial for home sellers. You must refer to the state laws of home selling before you start the selling process. If you face any difficulty, you can always hire a professional to help you through the complexities. 

 

If you’re thinking of moving to Mississippi, be sure and check out our website www.taylorgroupms.com, it has all MLS listings in Central MS and is updated every 10 minutes.  Whether you're buying or selling, our team is here to help every step of the way.  Contact us today to get started.

 

Taylor Realty Group

 

601-613-9100