One of the most important financial transactions that you'll ever make is buying or selling property. Whether you’re downsizing, moving out, or getting a windfall from an investment, selling your property is not simple. Behind every successful sale is a checklist. One of the most overlooked yet crucial steps is to conduct a thorough title search.
Title search is a method of ensuring that the seller's transfer of the property is legally valid. Unfortunately, most sellers only discover title issues once a buyer is on board, leading to unnecessary delays and complications.
This article presents you with a detailed checklist to go through before selling your property and why a title search ought to be at the top of your agenda:
A title search involves examining public records to confirm legal ownership and uncover any potential problems tied to the property.
It helps reveal any liens, unpaid taxes, easements, boundaries, or even unsolved inheritances attached to the property. It is used to ensure you own what you are selling.
Before listing the house, it is recommended to conduct this search with the help of a title company. It accelerates the process of closing a deal after the buyer has been identified and puts you in a better position in the sale.
Check and review all legal and transactional documents associated with the property. This consists of the deed, tax receipts, mortgage, permits, insurance, and any records of correspondence with the local government.
These records are evidence of ownership, payment records and the physical location of the property.
Reviewing your records ensures accuracy and transparency. If your property is inherited or purchased in joint ownership, you must ensure that all interested parties are present and in agreement during the sale process.
No one will be interested in buying a property just to find out that he has to spend a lot of money on renovation. By maintaining the property, you will likely receive more interest and offers.
Conversely, maintenance issues that need to be fixed appear as red flags, which can cause potential sellers to flee or weaken your bargaining strength.
Before listing your property, evaluate its condition of your property. Check for any leakages on the roof, plumbing problems, electrical faults and water leaks.
This acts as a good-faith gesture and keeps you out of a situation where a buyer demands repair credits and price adjustments down the line.
The right price will help your home sell fast. Overpricing may push away potential buyers and leave the property unsold, while underpricing may result in leaving money on the table.
The trick lies in finding the price that accurately reflects the current market situation and the specific value of your property.
Find similar properties in relation to size, features and location. This will help you set realistic expectations. There is also a Comparative Market Analysis that a real estate agent can carry out to assess the market value of a property.
Sellers must disclose to their buyers any known issues or material defects in the property. Regulations vary by geographical location, but honesty is always the best policy.
Failures in providing any critical reduction may incur liabilities on you even after you have sold the property.
When your property is completely ready to be sold, you need to decide how to sell it. Making such a decision can have a huge impact on time, labour and end price.
A licensed real estate agent will be chosen by plenty of sellers. Alternatively, a few prefer to do it themselves. Regardless of your approach, you need a comprehensive plan and a well-crafted marketing strategy, along with the right professional to guide you through the process and secure the deal.
Selling a property is not merely locating a buyer and signing documents. Still, it is a carefully planned legal and financial procedure.
When you are thinking of selling your property soon, begin with the title search and make it your guide in your whole adventure. The quickest way to a fast, fair and fuss-free sale lies in a clean title with well-maintained and legally sound property.