The paperwork

A - Home Sale Paperwork: Who does the real estate paperwork?

When Johnny Carson asked Jay Silverheels (Tonto) about his relationship to the Lone Ranger, Jay replied "Him let me peek under mask once,, no big deal."

About the same can be said of real estate paperwork. It's not the big deal that it's portrayed to be.

Sellers just need to know who the buyers are using for an attorney (if any), their lender and which title (escrow) company will monitor the settlement (closing). These are the "specialists" who will do the paperwork and the closing activities of your sale.

 

The paperwork factor:

Agents often play the “paperwork” card when trying to convince homeowners not to sell by-owner. “You must not sell by yourself; the paperwork will kill you.” “Do you know the difference between a Notice of Revocation and an Estoppel Provision Clause?” Real estate has enough terminology to fill a house, so to speak.

When you bought your car did you know the difference between a valve and a cam? Can you change the car’s oil? Who cares? You bought the car anyway.

Even agents don’t know all the legal ins and outs of typical contract provisions. That’s why agents have their clients contact the real estate specialists after the contracts are signed.

Who are these people?

Specialists include the lender, the attorneys, escrow agents and title companies. They don’t compete with each other. They work together to close a home correctly. They function as neutral third parties to handle and coordinate the paperwork, information, the exchange of money and the eventual legal recordings of the sale of the property.

Everybody’s doing it:

In the last few years in the US, there have been approximately six million homes sold each year. And each year about a million of these are by-owner sales. That’s over one million buyers and one million sellers who buy and sell a home without a real estate agent. And in all cases, the paperwork is being done by the people who are supposed to do it, by people who do it for a living. It's their job to handle the paperwork concerns.

What’s your role?

Make the process a smooth one. Ask these specialists what they need from you. Your role in this final phase is to supply them with a copy of the sales contract. You’ll also provide contact names and phone numbers for your attorney, the title or escrow company, your mortgage company and the buyers’ lender.

Anytime you are uncertain about anything, just ask. If there are glitches or problems, well, that’s what they’re there for; be glad you have experts to ask.