What documents should a seller prepare between contract and close?
By: Jerika P – i-Lead Realty Social Media Manager
Below is the list of paperwork you should take note of:
1. Home inspection report
The buyer will hire an inspector to inspect the property for any issues that need to be addressed. A typical home inspection takes a few hours to complete, and the report takes 3-5 days. The inspector will write a 30-50 page report with pictures highlighting the condition of the home’s structure, electrical, plumbing, heating, fireplace, and so on.
2. Home appraisal report
If the buyer obtains a mortgage, the lender will require an appraisal for the fair market value of your home. Once the appraisers have finished evaluating your home, the appraisal report is returned in less than a week. As a seller, you will not automatically receive a copy of the report, but you may request one from the lender, who must provide it to you within 30 days. Your agent will inform you if the appraiser determines that it is worth less than the offer.
The home appraisal report is typically ten pages long but can be as long as 100 pages. It will include local comparable properties with photos and details of each property, including the home being appraised, the appraised value, how the appraiser determined the value, and factors that the appraiser considered when making the decision.
Let us help
We know gathering and organizing all these documents can be intimidating, that’s why we always recommend finding a real estate professional. They will be able to ensure you have all the required documents so you don’t have to stress about it. If you are searching for a Real Estate Professional or would like to learn more, you can contact us here.
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