Alabama

Selling a home in Alabama

Alabama Home Sales Forms Package

Selling your home may be the most challenging task you will ever make in your life. There are risks involved hence, it is best that before you put up that “home for sale” signage, you know the right procedures and the right person you’re selling your home to. Alabama follows the real estate laws and forms in the sale of a home applied in other parts of the U.S.

In selling your home by yourself, it is important that you prepare your house by cleaning it, putting everything in place and fixing those that need repair. You must then inform your prospective buyer about the condition of your house – the good points and the defects, if any. Usually, these defects would involve plumbing and sewage, any water leakage, presence of termites, problems in heating and air conditioning system, drainage, cracks, roof defects, property title and lead paint. These should be listed in the residential property disclosure form.  For homes constructed before 1978 that used lead paint, the 1992 Residential Lead-Based Paint Hazard Reduction Act requires that home sellers reveal the use of such paint in their house (disclosure of information on lead-based paint form and the lead-based paint hazards booklet).

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The buying process

Once a certain buyer is bent on purchasing your home, a written offer also known as a real estate sales agreement will be sent to you. The agreement specifies the final terms and conditions for the transfer of real estate. If you are not amenable to the offer, you can propose a real estate counter offer. The common counter proposal will state a higher buying price, a higher deposit, giving little time to the buyer to take away contingencies, excluding some items from the house sale and allowing you and your family more time to move out from the house once the sale is sealed. Should you wish, you can also provide a clause in the agreement that your lawyer be the one to approve the contract or one which will require the buyer to pay you a certain amount if in case he or she decides later not to buy the house for reasons not written in the contract.

Issues on legal title

It is a standard procedure in Alabama that your real estate lawyer or title company will look into the legal title of the property you are selling. If you are selling your home by yourself, it is of utmost importance that you understand the legal issues involved.

One vital issue concerns the implied grant or easement. This may exist in a case where a person grants lands which has no accessible right-of-way other than over his or her property or owns land that is not accessible except over the property which the person passes by. This is usually the case in the absence of other entrance and exit points to a certain land.

Another issue you need to know is about the lien which is charged to your property. A lien is normally a security interest given over a piece of property and includes mortgages and other charges. In Alabama, liens on a certain property may cover Federal and state tax liens, mechanics’ liens and mortgages.

The Alabama Real Estate Contract

Once a contract in the sale of your home is closed, expect to pay several charges. These are the loan origination fee, survey, title insurance, recorded release of mortgage, transfer taxes, attorney’s fee and home inspections.

The state of Alabama requires the seller and the buyer of a property to fulfill the terms of the purchase agreement. This legal action is called specific performance which compels both parties to complete the contract. This means that the buyer must provide the purchase price agreed while the seller must deliver the deed of sale. However, if there are still unresolved issues, you should keep in touch with your lawyer right away.

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