Selling a home in Maryland

Maryland is the second richest state in the U.S. according to the 2005 American Community Survey conducted by the U.S. Census Bureau. The state also donated the land which now holds the U.S. capital Washington, D.C. Parts of the land were actually taken from the counties of Montgomery and Prince George.

Real estate in Maryland includes beautiful estate properties on expansive lots, modern single-family homes and condominiums. There are currently many homes for sale notably in the cities of Bethesba, Owing Mills and historic Edgewater located beside the river.

Tips for Selling your Home

Selling your home yourself needs a lot of time and effort but with perseverance and some research, you can definitely succeed. The first thing to do is to set your selling price. How? Do some research on the Internet, check out the home prices in your neighborhood and visit the office of your county tax records to find out the actual prices of the homes that sold. Next step is to put up that home for sale sign on your yard and advertise. Make a colored fact sheet with a photo and information about your home in several sizes. You can then display and distribute them in public places such as local supermarkets. Advertise on your local paper and send letters to real estate offices in your area. You can even make your own website just for this purpose. Be prompt in returning phone calls of interested buyers and see them as soon as possible. For safety purposes, you may ask them beforehand over the phone about mortgage, their pre-qualification, about their home – if it’s sold or still on sale and the buyer of their home. Also, make your house available anytime for showing. Remember too to monitor the real estate market regularly and adjust your price, if needed.

Settling the Real Estate Contract

A settlement meeting will take place between the home seller and the buyer with the presence of a title attorney or settlement officer. In Maryland, the settlement is done in a friendly atmosphere with sellers giving tips to buyers as to the house’s security system, a good heating or air conditioning service company or a good plumber. During this transaction, all financial matters will be recorded and the deed, mortgage documents and other necessary papers will be signed by both parties. The property title is the most important document as it stipulates the rights of ownership and possession of a certain piece of property. It is during the settlement that the title of ownership is transferred from the seller to the buyer.

As for the closing costs, the seller and the buyer may agree to share the costs. In Maryland, the closing cost is pegged at 4.5 percent of the purchase price. These costs include legal fees, lender fees, appraisal fee, recording fees, real estate taxes.

Radon test

Radon is a natural occurrence in many parts of the U.S. In Maryland, high radon readings are often found in the western Baltimore county while lower readings have been present in Montgomery and Prince George’s county.

Radon is a radioactive gas found in homes. It is a result of the natural breakdown of uranium in soil, rock and water and mixes with the air people breathe. They get into your homes through the cracks and other holes as well as through well water. It is for this reason that the contract of sale of a residential property in Maryland usually asks for a radon home test as one of the conditions by the buyer. The testing takes about four days and does not cost much. The seller and the buyer may agree as to who should pay for the test but if the seller decides not to install remediation equipment in the home, the contract may still continue.

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