Transaction Process and Legal Issues

Once you have accepted an offer, expect the buyer to request a home inspection, radon inspection and termite inspection. This is often a time when buyers and sellers may start to renegotiate. Request that the buyer use a licensed Home Inspector. If the Home Inspector identifies problems in your home, call a licensed contractor either to give you an opinion or to fix the defect.

It is important to make sure that you have advice from someone who is objective about the condition of your house. Some of the repairs you may be asked to make may be costly, but most are not. Sometime repairs can be tied to the contract. Evaluate repair requests closely. If you say no to all reasonable requests, the buyer may exit from the contract.

Once the inspection is complete, the buyer will finalize mortgage financing and the closing process begins. At closing, the title is transferred from your name to the buyer’s name. As a seller, you will probably have an attorney who will review documents, prepare the deed and coordinate with the buyer’s attorney and /or the title company.

Make sure that you have all current mortgage information, including second mortgages, available either to the closing attorney or title company. The title company or mortgage company must also have information on all parties included on the deed.