When it comes to selling your home there can be a lot of questions and unknowns. At Oakridge, we pride ourselves on educating clients about the process of selling their homes. Here are a few of the questions we get asked most frequently.
What is an abstract and where would I find one?
An abstract is a collection of all the documents that have been filed at the county courthouse. The abstract contains the original plat map, mortgages, and the release of mortgages. You should receive your abstract after the closing of your home. The abstract company will either store your abstract, have you pick it up, or send it to you. Keep these documents in a fireproof safe or a safety deposit box—they can be expensive to replace. Your abstract will be updated prior to the closing of the sale of your home.
What is a listing agreement?
The listing agreement is a legal document that outlines the terms and conditions of the contract between the seller and the broker.
What are the fees associated with selling my home?
Fees incurred during the sale of a home include commission, taxes, transfer fees, abstract updates, and document preparation.
Who pays the commission?
Commission comes from the seller’s proceeds. It is paid when the home sells and the transaction closes.
How long will it take to sell my house?
There are many factors to consider when listing your home. After taking into account the current market conditions and your competition, you’ll want to prepare your home to look its best and price it competitively. Once you have an accepted offer, you could expect a closing in 40-50 days (less if the offer is cash).
Check out our other blog posts below for additional selling education!