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Legal Requirements and Paperwork Involved in Selling a Lancaster Home for Cash

Legal Requirements and Paperwork Involved in Selling a Lancaster Home for Cash

Selling a Lancaster PA home is a large transaction on any level. No matter the size and location, no matter the selling method and people involved. If you are considering selling a Lancaster home to a cash buyer it is good to know and understand the legal requirements and paperwork involved.

Legal Requirments to Sell a Home

Sales Contract: this is the cornerstone of the home selling process. It backs up the agreed-upon home sale transaction. It proves what the buying and selling party agreed to for the home to change ownership. The document is legally binding and helps to protect both the home seller and home buyer in the home sale transaction. The document holds each party to make good on their promises and responsibilities in the sale.

Title Search: A title search is conducted in a reputable home sale to ensure that the home can be legally sold by the selling party. a clear title means there are no other claims of ownership or liens on the property and the seller is free to sell the home.

Property Disclosures: When selling a home the homeowner is legally bound to communicate anything they know about the property that could be a safety issue or that was once an issue and has been fixed while the seller lived in the home. Failure to communicate important information about the property that you know could mean legal consequences like a large fine. It is a buyer’s right to know the full condition of a home when purchasing it.

Closing Process: Closing is the process of finalizing the home sale once an offer has been made to purchase the home and agreed upon by both parties signing the sales contract. During this time the buyer finalizes on transferring the purchase money and all outstanding taxes and fees are paid that are associated with the home sale.

Paperwork associated with a Home Sale

Deed: This document transfers legal ownership from the former owner to the buyer. This document is signed in the presence of a notary to prove ownership has changed hands and is then filed with the local governing authority.

Bill of Sale: A Bill of Sale notes the personal property that may be included in the sale of the home. This document itemizes personal property included in the home sale transaction to ensure that everything in the home was legally sold. This can include furniture and appliances, etc.

Affidavit of title: This is a statement from the home seller confirming they have the legal right to sell the home. It states the seller is the legal homeowner and there are no other claims or liens on the property. This is an extra layer of legal protection for the buyer.

Closing Statement: This is also called a settlement statement or HUD-1. It provides a detailed breakdown of all financial parts of the sale. It communicates all costs in the sale including the sale price, closing costs, taxes, fees, commissions, expenses, and how and where the payments will be distributed. It communicates clearly every expected cost on finalizing the sale and gives accountability to paying the proper parties.

Phil Long with Offer PA has this to say, “When selling your home it is always in the best interest of the homeowner to know the process and be knowledgeable of what is going on to ensure they are selling their home to a reputable cash buyer. A trustworthy buyer will handle the paperwork and fees in a transaction, but will always communicate openly about the process and encourage a home seller to carefully read all paperwork and ask questions about the process.”

If you are considering contacting a Lancaster cash buyer to sell your home, we buy homes for cash. We will never pressure you to take our offer and will always clearly communicate all steps in the selling process. contact us any time to start the homebuying process. You could have your home sold in as little as seven days, legally and fairly.