Even if there’s no commission involved in the sale (because, after all, you’re selling by owner), there are other costs.
These include Title Insurance, Escrow charges, attorney fees, loan fees and so on.
In conventional deals (using agents), the transaction costs are usually handled as a matter of local tradition.
What do you have to disclose when selling a house in California?
When a California home is for sale, the law requires the seller to disclose certain information to prospective buyers. If the seller or the seller’s real estate agent fails to disclose the appropriate information, they could face fines and penalties for breaking the law.
What documents do I need to sell my house by owner?
Documents You’ll Need to Prepare
- the original sales contract for your house, with the purchase price.
- documents related to title and ownership of your home, including a property survey, certificate of occupancy, certificates of compliance with building and zoning codes, and the like.
- mortgage and financing documents.
How do I sell my house privately?
Step-by-step guide to selling your home privately
- Step 1: Decide on an asking price.
- Step 2: Give your house a spruce-up.
- Step 3: Start advertising your property.
- Step 4: Arrange viewings.
- Step 5: Negotiate a price.
- Step 6: Accepting an offer.
- Step 7: Instruct a solicitor or conveyancer.
- The Advertising Stage.
How much are closing costs when selling by owner?
In total, the costs range from around 1% to 7% of the sale price, but sellers typically pay anywhere from 1% to 3%, according to Realtor.com. While buyers have more items to pay for at the closing of a house, it’s often up to the seller to cover the commission for both agents.
Do I need a lawyer to sell my house privately?
Do I need a real estate agent or attorney to sell my house? Except for a few states where you are required to hire a real estate attorney to do your closing, you do not have to hire an agent or attorney to help you. Be aware, however, selling a home yourself is a lot of work.
Can an attorney sell real estate in California?
Cal. Gen. 71). Although licensed attorneys in California can broker a real estate transaction under California’s Business & Professions Code section 10133, a real estate broker cannot under Bureau of Real Estate regulations split a commission with such an attorney if he or she is not a real estate licensee.
Photo in the article by “Wikimedia Commons”