22 Nov 2021

I’ve Sold My House, What’s Next?

Selling a home is a big undertaking. Once a homeowner can say that I sold my house, there are still a few more steps to take. Mortgage House provides a brief overview of those steps.

Organise the Paperwork

Once the new owner signs the contract, the homebuyer agrees to the sale. They also agree to the details enclosed in the contract. Even though the legal responsibility for the property begins to shift with the contract, organise all the paperwork. Then place it in a safe place.

If something occurs and the homebuyer experiences buyer’s remorse, the home seller needs to protect their interests, especially if you purchased a new home.

Consult with Legal Representation

All contracts have a large degree of legal jargon. Thus they’re difficult to completely decipher. A home seller needs to ensure that the contract is legitimate. If there are odd clauses in it, you want to know about them.

Sometimes home buyers make requests. You want the opportunity to agree or deny them.

Ensure the Sales Registers with the Correct Government Offices

After selling your home, ensure that the correct government offices receive and execute the title change. Once the homeownership title officially changes, you are no longer responsible for the property.

Understand the Tax Rules

When a homeowner sells their home, the proceeds count as income. Thus it’s important to consult with a tax accountant who explains how it affects your tax liability. 

Sold My House Conclusion

After a homeowner realises that they can say I sold my house, the home selling journey isn’t over yet. Keeping track of paperwork and consulting with a real estate legal expert is important. It ensures that the transaction follows all the necessary rules and regulations. 

Those who are also ready to purchase a new home can contact Mortgage House for financing options and home loan rates.

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