Tip 1 The contact of sale is the written instructions as to how
the closing is to be handled. The purchase price, the party paying for
closing costs from the deed stamps to pre-paid items for the buyer,
the party responsible for repairs if needed, the closing
date and location and any contingencies of financing are all
outlined in the contract for sale. It is important to
understand the agreement before it is signed.
Tip 2. Consider getting a home inspection – remember that you will more than
likely sell your home and when you do, your buyer will inspect.
It is best to find the repairs now rather than when you are paying for the
repairs as seller. If your inspections call for repairs, you may
consider obtaining a “clearing” statement from a licensed contractor or from
your licensed home inspector stating that the repairs have been
completed properly. This document is for your records and for your
protection.
Tip 3. Understand tax exemptions – 4% and homestead.
Tip 4. You may consider getting a new survey or walking your boundary lines very closely
to determine if there are any encroachments or projections that you
will have to negotiate when you are selling your home and your buyer
does get a new survey. Look out for shared fences, shared driveways,
the neighbors personal items being stored on the edge of your
property or your concrete drive being just over on your neighbor’s
property. Oral agreements should not be relied upon for many obvious reasons
but one being that your current neighbor will sell one day as well
and you don’t get to choose your new neighbors.
Tip 5. Closing at the end of the month may save up-front interim
interest but this is not a penalty – talk with your lender and
understand this. Best time to close – choose the middle of the
month. The calendars of all parties (lender, attorney, contractors,
home inspectors, etc…) involved are more than likely less crowded.
