Selling your home is a big decision. As part of that decision, you may be considering selling your home without a realtor in New Jersey. However, there are legal requirements and other things to consider before proceeding.
Selling your home yourself means taking on all the responsibilities and stress of the transaction. Simple mistakes or oversights can ruin your sale or even make you legally liable to another party for breach of contract. Selling your home in New Jersey is stressful enough without the added pressure of selling it yourself.
If you are considering selling your home without an experienced realtor by your side, there are certain legal requirements that must be met in order to make the sale legally binding.
Quick Guide to Selling Your Home Without a Realtor in New Jersey
As a home seller, you have the obligation to disclose major defects or issues with your property. Known as “latent material defects”, major defects can delay the sale of your home or even cause the homebuyer to pull out of the sale. More commonly, major defects result in the homebuyer requesting a price reduction. Examples of material issues include:
- Electrical defects
- Foundation flaws
- Roofing issues
- Environmental concerns
- Other major defects
Gather These Documents
The next step to selling your home without a realtor in New Jersey is to collect all the necessary documents you need to tender a legal sale. These documents can vary depending on the unique circumstances of your property, but generally include:
- Permits
- HOA documents
- Court records
- Mortgage pay-off
- Warranties
- Back title
- Other documents
Hiring a Real Estate Attorney
Next, you may want to hire a real estate attorney. They can help you assess offers, address issues and ensure that all the necessary paperwork is filed correctly.
Once you’ve received an offer you would like to accept, your attorney will create a for sale by owner contract. This contract lays out the terms of the deal and offers protections and penalties for performance.
Examples of clauses your contract should contain include:
- Earnest deposit
- Inspection period
- Financing contingency
- Appraisal contingency
- Clear title
- Representations
- Property included and excluded
- Legal compliance
- Additional provisions based on your unique circumstances
Execution of Final Documents
New Jersey law also requires that a series of documents be executed before the sale is final. These include:
- Deed
- Affidavit of title
- Foreign Investment in Real Property Tax Act
- 1099-S
- GIT/REP forms
Your Home Sold Guaranteed Realty - Nancy Kowalik Group Takes the Stress Out of Selling Your Home
As you can see, selling your home without a realtor in New Jersey is extremely complex. An omission or mistake on just one part of the sale can nullify the contract, putting you right back at square one.
There’s a better way to sell real estate. With Your Home Sold Guaranteed Realty - Nancy Kowalik Group, you can rest assured that your real estate transaction will go smoothly. Our experience and expertise in the real estate field means that every “t” is crossed and every “i” is dotted.
When you want to sell a home right the first time, contact Your Home Sold Guaranteed Realty - Nancy Kowalik Group. Call us at (856) 478-6562 or contact us here to get started selling your home in New Jersey today.