When you’re selling a property, it’s important to make sure that all of your bases are covered. One way to do this is by providing a full complement of documentation to all prospective buyers. This approach takes a lot of work upfront, but it reduces the workload once under contract and removes the potential for delays.
By asking that all prospective buyers go through the package and sign a statement verifying that they have received and read the package in its entirety, you can be sure that everyone has what they need to make an informed decision.
Which documents do prospective buyers need?
The answer may vary depending on the type of property you’re selling, but in general, your packet should include:
-A copy of the sales contract
-A disclosure form
-A proforma or operating statement (if applicable)
-An estoppel certificate (if applicable)
-A floor plan (if applicable)
If you’re selling a condo or co-op, you’ll also need to provide:
-A copy of the bylaws
-A copy of the house rules
-A financial statement from the board
In addition, it’s always a good idea to include a cover letter that outlines what’s included in the package and why it’s important.
Sources of potential delays in real estate transactions and how to avoid them
One of the most common delays in real estate transactions is the buyer’s loan. If you’re selling a property, it’s important to be aware of the potential for delays and take steps to avoid them.
-Include a cover letter with the documents which outlines what is included in the package and why it is important
-When selling a property, work with a lender who can provide pre-approval for your buyers in order to avoid delays in the loan process
-Have a professional inspector provide a detailed report of any issues with the property so that buyers are aware of potential problems before proceeding with the purchase
-Be sure to include all required documents so that buyers have everything they need to make an informed decision about the purchase
Other ways real estate agents can save time
-Use real estate transaction management software to keep track of documents and deadlines
-Get organized with a system for storing and labeling files
-Create templates for frequently used forms and documents
-Set up automatic reminders for important tasks
As mentioned above, templates can save you time and money. Click here to get marketing templates that give you a competitive advantage.