The paperwork

A - Home Sale Paperwork: No big deal?

The paperwork factor:

The real estate paperwork is 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.

When you bought your first 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.

Most agents don’t know all the legal ins and outs of typical contract provisions. That’s why most 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.

In the early 2000s in the US, there were approximately six million homes sold each year. And each year about a million of these were by-owner sales. 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?

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 (if any) 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. 

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