Here are four steps you must take to ensure a smooth transaction when selling your home.
1. Make sure any old mortgages you’ve paid off have been recorded as such.
In many transactions, we’ve seen that mortgage companies haven’t sent the county accurate and up-to-date information regarding any old mortgages that sellers have already paid off. If you have any satisfaction notices from your old mortgage companies, hold on to them so you can ensure they’re properly recorded.
2. Check whether there are any liens or judgments against you or the property.
During a couple of recent transactions involving real estate investors, we found that their tenants weren’t paying their utilities. When we prepared for the closings, we discovered that there were huge utility bills liened against the property. Take care of any liens or judgments before putting your home on the market.
3. Get proper title insurance before transferring property to family members.
The problem with this is that the moment you transfer that property, the title doesn’t continue, which means it doesn’t protect the new homeowner from any issues if and when they sell the property. You also want to make sure you have property title insurance if you buy a home from a sheriff’s sale.
4. Keep thorough records of all your paperwork.
When you purchase a property, for example, keep your title insurance paperwork with you. Ditto for any mortgage satisfactions, which I already mentioned above. Saving any paperwork regarding your homeownership will prevent any future headaches when the time comes to sell your home.
If you’d like to talk more about what you can do to prepare for your home sale or you have any other real estate needs, don’t hesitate to reach out to me. I’d love to help you.