Information for Sellers
Here is a checklist of the things that you will
need to do to sell your home:
-
Determine Listing Price -- Locate
several homes in your neighborhood that have recently sold
that have similar features and square footage as your home
and check their selling price at - Domania.com.
Use this information to get an idea of the market in your
area for comparable homes and decide on a price that fits
you.
- Assemble property records -- You will need to gather
your closing statement from purchase, CCR (Covenants, Conditions
and Restrictions) documents, Deed to the property, Inspection
Reports, Title Insurance Policy records, Fire & Homeowners
Insurance documents, Mortgage papers/records & Maintenance
Records.
- Select Consulting Agents that will help you at the
close of the sale of your home. The Agents that you might
want to consider include, but are not limited to: accountants,
attorneys, closing agents/escrow holders, home inspectors,
lendors, title insurance companies and sometimes even real
estate professionals.
- Make necessary repairs to your property and home
improvements that would would help to encourage the sale of
your home.
- ADVERTISE! This is where we come in! Get your home
listed with AlabamaFSBO.com for the most cost-effective approach
to marketing your home online to out of towners as well as
locals. Take out a classified ad in your local paper with
your listing number and our web address to refer people to
your virtual home tour. Get flyers printed to put in an "info"
box in your front yard, to place on bulletin boards around
town, to distribute to potential buyers that tour your home.
*Be sure to add your listing number and our site address to
your flyers so that buyers will access your virtual tour online.
- Prepare for contract negotiations. Re-evaluate your
goals before you begin negotiations with prospective buyers.
Know the minimum price that you will accept. Decide on the
types of terms on which you will agree.
- Acceptance of offers and closing -- work with legal
assistants and escrow officers.
- Close the deal.
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*This list is provided as an aid to home sellers, but is not intended
to be all-inclusive to every situation and need.
Dictionary of Common Real Estate Terms
-
Abstract of Title - A condensed history or
summary of all transactions affecting a particular tract of land.
-
Acre - Tracts of land.
-
Administrator - A person appointed by a probate
court to settle the affairs of a person that died without a will.
-
Affidavit - A sworn statement in writing.
-
Agent - A person or company that has the
right to act on behalf of another, e.g. a title agent, etc.
-
Appurtenance - Anything so annexed to land
or used with it that will pass with conveyance of the land.
-
ARM - An adjustable - variable rate mortgage.
-
Assessment - The imposition of a tax charged
or levied.
-
Assessor - An official who evaluates property
for taxation.
-
Assignee - One to whom a transfer of interest
is made.
-
Assignor - One who makes an assignment.
-
Assumable Mortgage - A mortgage that allows
a new owner to take over its obligations per its terms.
-
Chain of title - A term applied to the past
series of transactions & documents affecting title.
-
Clouded title - an encumbered title.
-
Commitment to Insure - A report issued committing
a title insurance company to insure.
-
Conditions - A provision in a deed or will
that may affect the title.
-
Condominium - A system of ownership of units
in a multi-unit structure & joint areas.
-
Contract for deed - An agreement to sell
& purchase under which title is withheld until final payment.
-
Cooperative - A residential multi-unit building
owned & operated for the benefit of others.
-
Covenants - An agreement written into deeds
and other instruments promising performance of certain acts or stipulating
use or non-use.
-
Deed - A written document by which the ownership
of land is transferred.
-
Due on sale clause - Provision in a mortgage
requiring payment in full upona subsequent sale.
-
Fixtures - An item of property attached to
real property.
-
Grantee - A person who acquires the interest
in land by deed, trust, or other means.
-
Grantor - A person, who, by written instrument
transfers his interest to another.
-
HUD 1 -A form settlement balance statement
required to be given to clients when using a federally insured loan.
-
Ingress - The right to enter a tract of land.
-
Joint tenancy - Where 2 or more persons own
real estate jointly for life.
-
Lien - A hold, claim or charge allowed a
creditor upon the property of a debtor.
-
Lis pendens - A notice recorded in a county
indicating a suit is pending against a property.
-
Marketable title - A good title with no fair
or reasonable doubt.
-
Mechanic lien - A lien against a property
by contractors, laborers, or suppliers of materials.
-
Metes & bounds - A description of land
utilizing courses and distances.
-
Monument of survey - Visible marks such as
poles, stones, etc., indicating boundaries of a survey.
-
Owners policy - A policy of title insurance,
which insures a named owner against loss.
