Paperwork for Selling a House in Phoenix Without a Realtor
It very well may be enticing to sell your home yourself when you learn how much realtors charge for commission. All things considered, it’s easy to take a couple of photographs and post an internet ad.
While selling a house in Phoenix without a real estate agent can be the ideal choice, it’s important to question if all of the paperwork involved is worth it.
Residential Seller Disclosure Statement
In Arizona, a residential seller disclosure statement can be an essential document to fill out for the property seller, whether or not you’re selling a house in Phoenix by yourself, with a realtor, or to an expert buyer.
This disclosure statement allows you to uncover significant realities about the property, regardless of whether the buyer gets some information about them. For instance, you may know about title issues affecting the property, security issues with any part of the house or land, issues relating to heating and cooling, wood infestation, and plumbing, and that’s just the beginning.
This document can be given to potential buyers so they can make an educated decision about whether your property is right for them.
Purchase and Sale Agreement
Whenever you’ve tracked down a buyer for your property, an essential document to have is a purchase and sale agreement that outlines the details of the purchase, such as the property’s specifications and the value the buyer has agreed to pay.
A real estate purchase agreement is a legally binding agreement that governs the purchase and sale of a property. Made between a buyer and seller, it defines the terms of the transaction and the conditions under which a sale will occur.
Property Tax Statement
After your chosen buyer has likely requested home inspection and home appraisal reports, you’re one step closer to closing the deal. At this point, provide your buyer with information on the property taxes you owe so that they know how much their taxes will cost them in the future.
Whether you have to pay property taxes or your new buyer can depend on whether your town or city collects taxes in arrears or advance. You may be able to come to an agreement with your buyer that they cover any taxes owing.
Deed
A deed is a signed legal document that transfers ownership of an asset to a new owner. Deeds are most commonly used to transfer ownership of property or vehicles between two parties.
The purpose of a deed is to transfer a title, the legal ownership of a property or asset, from one person or company to another.
1099-S Tax Form
The 1099-S tax document won’t be fundamental for all home sellers, yet it tends to be for the individuals who don’t qualify for a capital gains tax exclusion. In the event that you have created a gain of more than $250,000 independently or $500,000 as a couple in under two years of residing in the home, you might be expected to pay capital gains tax when you sell it.
Selling a house in Phoenix can require a significant amount of paperwork, which can be daunting when you sell your home privately. By selling to a professional buyer, you can rest assured that they understand all of the legal requirements surrounding the paperwork you need to fill out and sign and can help you navigate the process with ease.