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Legal Analysis

Decent Essays

Before selling a home, an owner needs to ensure he or she has the necessary documentation on hand. However, different states have different requirements regarding this paperwork, and what is appropriate in one state may not be sufficient in another. An owner can determine which paperwork is needed by visiting local government websites, neighborhood real estate associations or by visiting the state land title association. In addition, a real estate attorney or agent may be of great help in determining which documents are required, which are beneficial, and which are not needed.
The Deed
A legal document filed with the county in which a property is located, the deed states who has ownership of the property. Often, this is the mortgage …show more content…

-A bargain and sale deed is used for a residential sale or the sale of a property seized by the court. What makes the deed differ from conventional deeds is there is no guarantee that the property is free and clear of liens. The buyer assumes the risk that the title isn’t free. In many ways this document is similar to a quitclaim deed, with the main difference being the property is sold here, as opposed to being relinquished.
-Grant deeds transfer a person or entity’s interest in the real estate to a buyer in exchange for a price that has been previously set. The difference between this type of deed and a general warranty or special deed is there may be defects of title. Again, the buyer assumes the risk when this is the case. However, this type of deed is used to show the seller can dispose of the real estate legally free of debt.
Property Disclosure Form
Any known defects to the property must be declared on this form. Certain states require a specific form be used, thus this needs to be discussed with a real estate agent or attorney. It is helpful to have this statement available when showing the home or hosting an open house. Items that may be shared on this form include structural issues, lead paint, asbestos, radon or mold. The seller simply answers a list of yes/no questions about the residence. While this form is helpful to the buyer when he or she makes an offer, the seller also finds it to be of benefit as it serves as protection after the sale if the

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