When selling a house, several contracts are necessary to protect both the seller and the buyer. These contracts typically include:
- Purchase Agreement: This contract outlines the terms and conditions of the sale, including the price, closing date, and any contingencies such as inspections or financing.
- Disclosure Forms: The seller must disclose any known defects or issues with the property, such as leaks or structural problems. These disclosures help protect the buyer from purchasing a property with undisclosed problems.
- Deed: This document transfers ownership of the property from the seller to the buyer.
- Bill of Sale: This document itemizes any personal property that is included in the sale, such as appliances or furniture.
- Title Report: This report confirms that the seller has legal ownership of the property and identifies any liens or other encumbrances that may affect the sale.
- Closing Disclosure: This document provides a breakdown of the costs associated with the sale, including closing costs and any fees paid by the buyer or seller.
- Home Warranty: This optional contract provides additional protection for the buyer by covering certain repairs or replacements for a set period of time after the sale.
It's important to have a real estate attorney or agent review and help prepare these contracts to ensure that they are legally binding and protect the interests of both parties.