Contracts for selling a house in Atlanta
What contracts are needed for selling a house in Atlanta?
Selling a house is a lot of work, especially when it comes to dealing with the mountain of paperwork and legal documents required for a smooth transaction.
There are a number of contracts and legal documents required to sell a house. Let's learn the unique aspects of selling a house in Georgia, go through the necessary contracts for selling a house in Atlanta, and provide you with another viable selling option that lets you mitigate the amount of paperwork.
Do you need a real estate attorney in Atlanta?
Georgia is one of several states where the law requires home sellers to hire an attorney to close on a home sale. While it is usually the buyer party that hires the attorney, it is a good idea for the seller to hire their own real estate attorney at closing to protect their own interests. Real estate attorneys handle title, money, and deed transfers. Once both the buyer and seller have signed a real estate contract or purchase and sale agreement, it is the attorney's job to review the title, facilitate closing, and handle funds. While these professionals won't help you find a buyer or negotiate the best deal, they play a vital role in managing the paperwork and legal aspects of the transaction.
Documents needed to sell a house in Atlanta
In Atlanta, there are several legal documents required to sell a house. These include:
Residential purchase agreement: This contract for sale of property outlines the terms and conditions of the sale, including the purchase price, financing terms, closing clause, and any contingencies.
Closing statement (HUD-1): The HUD-1 provides a detailed breakdown of all costs associated with the sale, such as fees, taxes, and loan payoffs, as well as your net proceeds. Net proceeds can be calculated by subtracting the total of your selling expenses from the sale price of your house.
Signed deed: The deed is a legal document that transfers ownership of the property from you, the seller, to the buyer. Signature happens at closing.
Affidavit of title: This notarized document certifies that you are the rightful owner of the property and that there are no liens or claims against it. It also proves intent to sell to the buyer, and that you are not trying to sell it to another buyer simultaneously.
Seller's disclosure notice: This form discloses any known defects or issues with the property, providing transparency to potential buyers. In Georgia, the seller is not legally required to fill out disclosure forms. However, sellers have an obligation to disclose any known defects to potential buyers, as failure to do so could result in accusations of fraud or misrepresentation.
Earnest money form: This form documents the earnest money deposit made by the buyer. An earnest money deposit is a one-time fee that proves legitimate buyer interest.
Loan payoff information: If you have an existing mortgage, this documentation provides details about the amount owed and any applicable payoff fees.
Survey results: The buyer may request a property survey to determine property boundaries and identify any encroachments or issues.
Proof of repairs: This includes documentation of any significant repairs or renovations you've undertaken on the property and is used to help verify the value of the house.
Depending on your situation, you may also need some other forms:
HOA addendum: If your home is part of an HOA (Homeowners Association), you will need to provide the buyer with documentation that details the HOA covenants, codes, restrictions, and other details.
Lead-based paint disclosure: For homes built before 1978, federal law requires disclosure about any presence of lead-based paint on your property.
When you sell your house, it is imperative to use the right forms and keep accurate records. Each of these documents contributes to the comprehensive and legally binding nature of the home sale transaction.
Other legal documents required to sell a house in Atlanta
Contingencies are vital components of a contract for selling a house that protect both buyers and sellers during the transaction. Some common forms associated with contingencies include:
Third-party financing addendum: If the buyer requires a mortgage, this form outlines the type of loan and the responsibilities of both parties, safeguarding against financing issues.
Right to terminate due to appraisal: This form allows the buyer to withdraw from the contract if the property appraisal falls short of the agreed-upon purchase price.
Flood zone addendum: Flood zone addendums are dependent upon whether your house is in an area prone to flooding, like Proctor Creek.
Understanding the contracts for selling a house in Atlanta, as well as their implications, is crucial for effective negotiation and decision-making throughout the sale process.
Sell your house without a real estate agent in Atlanta.
Dealing with all the legal documents and the contract to sell a house can be difficult for a home seller to handle. Thankfully, you have other options that allow you to sell your house without handling all the paperwork. At HomeVestors®, we help our sellers get the independent sale they want while letting them avoid the paperwork and hassles they don't want. With our 3-step process, we make the selling process simple. We handle the entire sale from consultation to closing, including any paperwork. Better yet, we don’t charge commissions, so you can avoid paying thousands in agent fees. When you work with HomeVestors in Atlanta, you don’t need to worry about a thing.
Get in touch with us today at 866-200-6475 to get a free, no-obligation consultation for your Atlanta house.