Kansas Real Estate Contract & Forms for Selling Your Home
Selling a home in Kansas
Kansas is situated in the central part of the United States. Its name was taken from the river that flows through the state which in turn, got its name from “kansa,” a Siouan word that means “people of the south winds.” Although Kansas’ first settlers were the white Americans, it also became the home of many Native Americans.
The housing market in Kansas continues to grow, according to real estate experts in the area. This growth can be attributed to the ongoing developments in the state, low interest rates, low unemployment, more job opportunities and a rise in potential home buyers. Kansas offers affordable and lovely homes in its big cities like Witchita, peaceful upscale communities and small towns like Countryside.
Financial issues
One major consideration that many sellers take for granted is on getting pre-approved for a home loan. Many homeowners just sign a contract to sell their residential property without first finding out if they were qualified to purchase another house. What usually happens is they end up renting a house or buying one far from the type they wanted. The moral then is to get pre-approved by a lender before deciding to sell your home. Do some research as well on the housing market in the area where you would like to live to get an idea on the amount you will need to buy a replacement. Consider homes that are similar to what you’d like to purchase and those that are in some ways the same as your current home.
Calculate the costs involved in selling your home. These should include the fees for your real estate attorney, closing agent and other professional fees, the excise tax for sale, prorated costs for your share of annual expenses like property taxes, home owner’s association fees and fuel tank rentals, title insurance, courier fees and seller concessions. Compute your expected proceeds, too. Doing so will help you know in advance if your closing proceeds will cover your costs in buying a new home. This will also help you decide whether to use cash or financing.
How fast your home will sell in the market depends on your pricing strategy. Always be aware of the current market conditions. Experts will also advise sellers to set a home price based on the latest comparable sales in your area since the real estate market is very dynamic and fluctuations in the market can affect the value of your property. Compare the market value vs. appraised value.
Real estate forms
Any transaction involving a real estate property should always have a written agreement for documentation purposes and to set the terms and conditions between the seller and the buyer. To obtain information on the forms mandated by state law, it’s best to consult your lawyer or check with the Kansas Real Estate Commission (KREC). The Commission exists to protect the interests of people involved in the real estate industry although it does not provide real estate purchase agreements or property disclosure forms.
Purchase and sale agreement – This form often referred to as the purchase contract binds the seller and the buyer as they agree on the terms and conditions for the sale and purchase of a residential property. This should be in writing and signed by both parties.
Residential property disclosure form – This form discloses all information on the home’s condition as well as material defects. The seller is mandated by law to provide this form to the buyer prior to signing a purchase agreement.
Lead based paint disclosure – This should also be furnished by the seller to the buyer to provide information on any possible lead paint hazards present in the home. This particularly covers properties built before 1978 which may have used lead paint. An EPA pamphlet should be provided along with the disclosure statement.
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