Seller's Checklist
You’ve made the decision to sell your property and you’re anxious to begin the process. However, a well-defined plan can help you maximize the value of your property while minimizing the problems you may encounter during the process. Here is some helpful information that you can use to plan your success.
Gather pertinent property information
---Deed: This will show the parties that have legal title as recorded in the public records.Typically, all identified parties must sign the new deed to transfer ownership. In certain cases, other parties may have to sign to convey clear title
---Survey: A sketch of the property showing building lines and the house.
---Real estate Tax Receipts
---Copy of the latest county assessment
---Homeowner’s insurance policy
---Payoff letters (be certain that you know of any liens that must be cleared in order to convey clear title, including business loans, past due support or amounts due to other parties that have an interest in the property. If unsure, consult an attorney.)
---When applicable, divorce agreement, death certificate, inheritance tax receipt, notice of tax increase or other governmental notice
---Utility bills for the past year
---Prior Title Insurance policy
---List of improvements you have made to the property (including building permits if applicable)
---Keys for doors, garage door openers, warranty information for appliances
---Obtain a Home Inspection and make repairs as you deem necessary
---Consider offering the buyer a “Home Warranty” at your cost
---Complete the “Seller Disclosure” form
Stage The Property
---Clean, paint and spruce up both inside and out.Remove debris and clutter, trim trees, cut the lawn, remove snow/ice in the winter, and generally make the house appealing to anyone pulling up to the curb. Do things that will add value to the house.
---See additional information located in our “Tips” section
Pricing
---Price the property after a review of similar homes that have sold in your market area and of homes that will be your competition. Also, review the agreement of sale that you most likely will be presented by the buyer. Understand the options and the rights/obligations of each party. This is very difficult to do in the heat of negotiations.
Market the Property
---Place a ‘For Sale’ sign in your yard.
---List the property in the West Penn MLS
---Create a property fact and amenities flyer and include pictures of the house. Distribute these to your neighbors, friends, and prospective buyers when they view your property.
---Advertise in the local Sunday newspapers and other publications.
---Have an open house.
Showing the Property and Locating the Qualified Buyer
---Prescreen buyers when they call
- Get their name and phone number
- Ask how long they have been looking for a home and what features are important to them.
- Ask if they have been pre-approved for a loan and if they can provide a pre-approval letter.
---Schedule an appointment with the buyer at a time that someone else will be home with you.
---When showing the house, ask the buyer what they like and dislike about the home. If you don’t know the answer to a buyer’s question, don’t guess at it. Tell them that you will follow up with the information.
--If a buyer seems interested, obtain his permission to follow-up within a day or two.
Negotiation
---The Number 1 Rule is: Usually nobody gets everything they want. Decide what’s important to you and be prepared to negotiate on terms in order of priority
Pre-Closing
---Follow through on terms contained in the signed contract. Inspections and Mortgage contingency deadlines must be on a timely basis.
---Schedule a time with the buyer for a Final Walk-Through so that the buyer can confirm that the condition of the property has not changed since the signing of the agreement.
---Some municipalities require a Dye test to confirm proper compliance with drainage laws before they will issue Lien letters.
---Ensure your local wage tax is paid current since some municipalities require this before issuing documents necessary for closing.
---Review all documents closely prior to the closing
Closing
---This is typically simple for sellers. Sellers will sign the deed, settlement sheet, several affidavits confirming Title issues, and the W-9 for tax reporting.
---Sellers are responsible for providing clear Title including tax receipts for 3 years or a tax certification in addition to municipal lien letters, water and sewage letters, and sometimes zoning and occupancy. The Closing company is usually very helpful in gathering these at a nominal cost as well as the final payoff letters.
---Inform the appropriate utility companies of the change in ownership and arrange for final billing.
---Turn over keys to the buyer.
---Request a refund of unused homeowners insurance.
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