If you are actively looking to sell a property that you own in the real estate market in Tucson, then you should have certain documents ready to make the selling process seamless and hassle-free. Right from listing the property to concluding the sale, you would need some important documents. Let’s talk about the series of documents related to the property required to sell the property during each phase in this detailed article here.
Documents Required Before Listing Your Home
Few details can vary depending upon the state you live in. It’s always good to consult with a local realty agent or listing agent for more specific requirements in your particular state. But this checklist can still serve as a general guide.
Homeowner’s Insurance Claims History
In Arizona, we use a contract that requires that a homeowner provide a five year history of any homeowner’s insurance claims that were made. Simply call your insurance agent and ask them to provide a claims history letter for your homeowner’s insurance. If you are in a state other than Arizona, ask your real estate agent whether they need a claims history letter or a more complete detailing of your home’s insurance records.
Bring together your HOA documents to disclose to the prospective buyer. The bylaws, in particular, contain the rules, regulations, and all other contractual terms that members are bound by. It gives all the necessary information to the buyer about Homeowner’s Association which is involved with the property the person is going to buy. A list of all important documents to disclose includes:
⮚ Covenants, Conditions, and Restrictions (CC&Rs)
⮚ Bylaws, rules, and regulations
⮚ Certification that any major improvements are approved by the association
⮚ The association’s master insurance policy
Home Repair And Maintenance Records
Buyers may ask for the records of all the repair and renovation work done on the exterior or interior of the property. To ensure transparency with your buyer, it is advisable to have documentation on any major upgrades to your houses, such as redoing your roof, putting in new flooring, new bathroom, porch, deck, or any work of landscaping. Any repairs or maintenance that are part of your home’s usual upkeep and do not add value to the buyer still require documentation and can demonstrate how meticulously you have cared for the property.
Documents Required After Receiving An Offer
Seller’s Property Disclosure Statement
Once a buyer agrees to an offer, then you’ll need to prepare a disclosure document. This document makes the buyers aware of some important facts like whether or not the property has experienced water damage, is located in a floodplain, has had various repairs, etc. In Arizona, a person selling the home is required to disclose all items that are material (could be important to the buyer) and this document helps you to remember things that may have occurred in the course of your ownership of the home.
Previous Utility Bills
It is common for buyers to ask for utility bills. They are curious to know how the electricity, gas, water, and sewer bills for your house shake out each month so they can budget accordingly. Consider offering them a copy of records, whether it be hard copy or digital.
Documents Required To Finalize The Deal
Latest Tax Statement
At the time of finalizing the deal, you will have to furnish the most important document required while selling your home that is the latest tax statements. This will give an estimate to the buyers of how much they’ll pay in property tax. You may have to pay your pending taxes based on the days between selling and closing. The taxes you pay are determined by the laws of the municipality in which you live. In Tucson, the title company takes care of this step for you. A good real estate agent can recommend a good title company to work with.
Final Purchase Agreement
The final purchase agreement is the most comprehensive document in the group, regulating the final terms of the sale between buyer and seller. This covers all the important aspects such as purchase price, the closing date, tax information, and final contingencies. A real estate deal will fail if the conditions of the final buy and sell agreement are not agreed upon by all parties involved.
Property Deed Or Deed Of Sale
The final step in the property transaction is the execution of the sales deed. It puts you in the property chain of the title so that anyone looking at the county records can see that you no longer own the property. Once executed, the property is transferred to the new owner of the property.
How Real Estate Agent Can Help In Documentation
Being aware and educated on the most current legal and practical issues surrounding the real estate market, a real estate agent can help arrange the documents to make the process a lot easier.
At Robin Willis PLLC, it is my job to make your life easier. This means taking the extra time to make sure all your expectations and requirements are well understood so we can not only meet but exceed those when it comes to buying or selling a home.