Documents Required When Selling A House

Documents required when selling a house list can come handy while disposing your property. It is always wise (and lawful in Australia) to keep the contract for sale in place before putting your house on the property market. This can be prepared by the solicitor or even your real estate agent on your behalf. The document should consist of the title documentation of your property, area of the property, survey certificate, sewerage diagram, council zonings and other general terms required to sell the property. These documentations are must to sell your house either privately or through an agent.

There are several documents required when selling a house. Before closing a sale there are number of transactions that take place. The sale and purchase agreement is the primary document that is required. Based on the sale and purchase agreement other documents are created. Some of the most essential document required to close a deal are:
  • Settlement Sheet: This states the date of settlement and the cost calculation of both the parties. The buyer and the seller need to sign the document.
  • The document that transfers assets is called the Bill of Sale and it includes the amount due for the assets, this also needs to be signed by the seller and the buyer jointly.
  • In case of an instalment sale the promissory note needs to be signed. The principle amount and the payment terms should be mentioned in the contract. The buyer only needs to sign the promissory note. The note also mentions the solution, in case the buyer does not clear the dues.
  • Security agreement is commonly signed in case of instalment sale and the contract should be signed by both the parties.
  • Considering an escrow settlement it is vital to sign an escrow agreement. This will contain the list of directives and should be signed by both the buyer and the seller before the settlement. This comprises of the duties of the escrow agent and the terms for the discharge of the escrow documents and money.
There is a chance that after the home sale a dispute may arise. It is to solve this situation one needs to keep all the documents carefully. These documents will help the lawyer to analyse the situation. This will aid in understanding the case before actually proceeding with the case.

Apart from the above mentioned documents, there are number of other related documents like insurance, fire insurance, tax receipts, environmental inspection reports, etc. These papers are also required while settling a deal. For any transaction documentation is vital and like wise, for a property transaction, documents are twice as significant because money involved is higher. A small flaw can lead you to legal entanglements and you may even stand to lose the property. If you wish to sell your house fast in an upward market trend it is imperative to keep your documents clean. Therefore documents required when selling a house should be check listed prior to a sale.

Posted on Friday, April 17, 2009 by Paul

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