3. Home Seller’s Guide
Choosing A - ReAl estAte Agent
Choosing A - ReAl estAte Agent
Listing your home with a qualified agent can make all the difference in the
world when it comes to selling your home. Selling a home is a lot of work,
therefore having an agent is very helpful.
Here are a few reasons why you should use an agent when selling your home:
-> An agent will assist you with negotiations with the buyer
-> An agent know the market and can help you set a reasonable price
-> An agent has better resources for locating buyers and
information on recent sale prices of homes around you
-> An agent has a broader range of advertising options 01
-> An agent can screen for buyers who are financially able to
purchase your home
-> An agent will save you time!
4. Home Seller’s Guide
the lendeR
There are many advantages of working with a reliable, professional lender.
Some of their very importat services are as follows:
Pre-Qualification of all Prospective Buyers:
Your lending professional should pre-qualify each potential buyer to ensure
that they are sufficiently qualified by thorough examination of their credit
status and current financial situation. This is extremely important to
eliminate wasted time negotiating with unqualified buyers.
Ability to find the right Loan at Competitive Prices:
A reliable lending professional will shop for the best loan and the best
the lendeR
possible price. This affords the borrower the freedom to select the loan best
suited for their needs at the best pricing, without having to shop all over
town.
Efficient Follow-up and Teamwork:
Once the transaction has been negotiated, the lender works hand in hand
with the other support team members to ensure that the loan is approved
and funded in a timely manner. They locate and handle any unforeseen
02
situations before it becomes a problem, and keeps you informed of all
important details along the way.
A Good Lender will Handle Potential Buyers with
Care and Confidentiality!
5. Home Seller’s Guide
home selleR’s PRoCess
Home Seller’s
Chose Realtor List your Home Schedule an open Review Offers Accept Purchase
House Agreement
home selleR’s PRoCess
Open Escrow
Chose Escrow Deposit Ernest Seller’s Transfer Preliminary Secure Lender
and Title Money Disclosure Title report
Company Statement
Begin Loan Property Property Purchase Loan Approval
Process Inspection Appraisal Home Owners
Insurance 03
Remove
Financial
Contigencies
Closing Escrow
Deposit Sign Closing Loan Funding Record Escrow Closed
Balance of and Loan Paper Documents
Down Payment Work
to Escrow
6. Home Seller’s Guide
WhAt is - esCRoW
Escrow is a way of transferring or exchanging property and/or money using a
neutral third party. In many jurisdictions, escrow agents constitute a distinct
profession with its own training and accreditation requirements. In other
jurisdictions, such as Canada, escrow functions may be performed by attorneys.
In either case, the escrow process is covered by significant regulation and
protection through the use of licensing and/or bonding.
Escrow is most commonly associated with real estate transactions. When a home
or property changes hands, the seller of the property transfers the property title
to the escrow agent. Similarly, the buyer either transfers funds or has a bank
transfer mortgage proceeds to the escrow agent. When all conditions of the
WhAt is - esCRoW
purchase agreement are met, the escrow agent assigns the property title to the
purchaser and distributes the funds to the seller.
An escrow is created when money and/or documents are deposited with the
escrow agent. The escrow agent’s authority is strictly governed by written
instructions, mutually agreed upon by the parties involved. The instructions
direct the escrow holder to perform duties necessary to complete the
transaction. A few of the tasks which may be required are:
-> Receive and deposit earnest money
-> Order information for payoff of existing liens
04
-> Calculate and/or prorate taxes, liens, interest, rents, and
insurance policies
-> Make arrangements for title insurance protection for the
buyer and lender
-> Prepare and/or receive documents relating to the escrow
-> Request and receive funding from new lender when conditions have
been satisfied
-> Arrange for recording of the conveyance documents and any other
legal instruments required to transfer title to the property pursuant
to the terms of the purchase agreement
-> Close the escrow and disburse funds as agreed upon in the
instructions
-> Prepare a closing statement for the parties showing disposition of
funds
7. Home Seller’s Guide
esCRoW PRoCess
What Information is Needed?
Confidential Statement of Identity Because many people have the same name, the
statement of identity is used to identify the specific person in the transaction by
determining date of birth, social security number, etc. The statement form is
necessary and the information is kept confidential.
Provide the escrow holder with the name, address and phone number of your lender
as soon as possible after opening escrow.
Hazard/Fire Information If you are purchasing a single family, detached home, or in
esCRoW PRoCess
some cases, a town home, be sure to order your fire/hazard insurance once your loan
has been approved. You should immediately begin looking for an insurance agent;
not all companies can write fire hazard insurance. Call your escrow holder with the
insurance agent’s name and phone number so that he/she can make sure the policy
complies with your lender’s requirements. You must have your insurance in place
before the lender will fund money to the title company.
Holding Title Page 10 shows common ways of holding title to help you understand
the criteria for determining how you wish to hold title to your home. The escrow
holder will need this information in order to prepare the grant deed, and your lender
will need this information to prepare loan documents. We suggest you consult an
attorney, tax consultant, or other qualified title professional before you decide.
05
What is Close of Escrow?
The close of escrow signifies legal transfer of title from the seller to the buyer.
Approximately three days before the scheduled close of escrow date, the loan
documents are executed by the buyer. The new lender takes 24 to 72 hours to review
the final executed documents and then wires the loan funds to the title company.
Escrow collects the remainder of the buyer’s down payment and closing costs. When
loan funds are wired, the file is then set up to record (a legal transfer of title from the
seller to the buyer). The escrow holder then handles all final accounting, issuance of
official closing statements and disbursement of any remaining proceeds to all
parties.
8. Home Seller’s Guide
esCRoW - Q&A
Q) How do I Open an Escrow?
A) Generally the buyer’s Real Estate Agent will open the escrow. As soon as you execute the
purchase agreement, the selling agent will place the buyer’s initial deposit, if any, into the
escrow account or into the Real Estate Broker’s trust account.
Q) What Information will I Need to Provide?
A) You will be asked to complete a Statement of Identity (SI) as part of the necessary
paperwork. Because many people have the same name, the SI is used to correctly identify
the specific person in the transaction through such information as date of birth, social secu-
rity number, previous addresses, etc. This information is kept confidential and is required to
provide title insurance.
Q) What do I Need to do Before my Appointment to Sign Escrow Papers?
esCRoW - Q&A
A) All parties signing the documents must bring proper identification: either a valid driver’s
license, identification card, or current passport. This is needed to verify your identity by the
notary public. It is routine, but necessary step, for your protection.
Q) When and Where do I Sign Escrow Instructions?
A) Your Escrow Officer or Real Estate Agent will contact you to make the appointment for
you to sign your escrow instructions, Grant Deed and final papers. At this time, the Escrow
Officer will also tell you the approximate amount of proceeds you will receive for the sale of
your home.
06
Q) What’s the Next Step after I’ve Signed the Closing Escrow Papers?
A) After both parties have signed all the necessary instructions and documents, the Escrow
Officer will return the buyer’s loan documents to the lender for a final review. This review
usually occurs within a few days of execution of the documents. After the review is
completed the lender is ready to fund the buyer’s loan and inform the Escrow Officer.
Q) How Long is an Escrow?
A) The length of an escrow is determined by the terms of the purchase agreement and can
range from a few days to several months. An escrow often averages 30 to 45 days.
Q) What is an Escrow Closing?
A) An Escrow closing is the culmination of the transaction. It signifies legal transfer of title
from the seller to the buyer. Generally the Grant Deed and Deed of Trust are recorded within
one working day of the escrow holder’s receipt of loan funds. This completes the transaction
and signifies the “close of escrow”. Once all the conditions of the escrow have been satisfied,
the Escrow Officer informs you or your Agent of the date escrow will close and takes care of
the technical and financial details.
9. Home Seller’s Guide
esCRoW - Q&A Continued
Q) Do I Continue to Pay my Monthly Mortgage Payment?
A) Yes, your mortgage payment(s) must be kept current throughout the course of the
escrow transaction. If the payment(s) are not kept current, the lender(s) can/will assess and
collect late charge(s).
Q) When are my Existing Loans Paid Off?
A) Unless the buyer takes over your existing loan(s) on the property, the loan(s) will be paid
off at the close of Escrow. You will need to furnish complete information to your Escrow
esCRoW - Q&A Continued
Officer and Real Estate Agent on each loan against your property. Please be prepared to
provide the name of each lender. Your Escrow Officer will need this information to order the
loan payoff demands so the loan(s) may be paid off correctly at the close of Escrow.
Homeowners Association information may also be required if you are selling a
condominium, townhouse or property located in a planned unit development. All of this
information will help to ensure the timely closing of your Escrow.
Q) What are Disclosures and Contigencies?
A) During the process of selling your property, you will be asked to fill out a property
disclosure form which is now required by law. In this document you will inform the buyer
of any significant facts you have about the conditions of the property. If you are moving to
California, other disclosures may be necessary. Your Real Estate Agent or Escrow Officer will
assist you with these.
Q) When and Where do I get my Final Proceeds Check?
A) The proceeds check is disbursed upon close of Escrow, when the Escrow Officer is able
07
to verify with the county records office that the documents have recorded and legal transfer
has occurred. The proceeds check is usually delivered to your Real Estate Agent.
Q) What Happens to Funds eld in Escrow?
A) In some cases the Escrow company will be instructed to hold funds in escrow to pay-off
obligations which may not have been completed yet, even after the close of Escrow. An
example might be to set aside funds to correct a structural problem, remodeling or termite
repair work. Upon completion of the project and receipt of the proper documentation and/
or releases, the Escrow Officer will disburse the reserved funds to you.
10. Home Seller’s Guide
life of An esCRoW
Prepare Escrow Instructions and Documentation.
Obtain Signatures
Process Financing Order Title Search
Request Information for Request Benificiary Review and Receive
Preliminary title Report
life of An esCRoW
New Loan Statement
Application
Obtain Loan Approval
Review Transfer Terms
and current Payment
esCRoW Request Demands and
Liens. Review Tax Repor
and Determine that Request Loan
terms are correct Documentation Receive Demands
and file them
Review File and Determine all
Conditions have been Met and
all Documents are Prepared for
Signatures 08
Return Loan Send Documents to
Documents Title Company
Configure File And Obtain Signatures
for all Remaining Documents
Obtain Funds from
Buyer
Request Loan Funds
Once Funds are Received order
Recording
Close File. Prepare Statements and
Disburse Funds
Complete Escrow Closing and
Foward files to all Parties
11. Home Seller’s Guide
title insuRAnCe - PRoCess
Most mortgage loans are made by savings and loan associations,
mortgage companies, savings banks, commercial banks, credit unions, and
insurance companies. These organizations invest money that belongs to
their customers or policy holders, therefore they must be concerned with the
safety of their mortgage investments. This is why a policy of title insurance is
required by most lenders on most mortgage loans.
title insuRAnCe - PRoCess
The lender’s title insurance policy guarantees the lending institution that
the person to whom it is making a mortgage loan has title to the real estate
that is pledged as security. The lender also needs assurance that it has a
valid and enforceable lien, that no other claimant (other than those
specifically noted in the policy) has a prior claim.
CalCounties TitleNation offers competitive rates on lender’s title insurance
policies, and our escrow and title officers are well acquainted with the
product and what lenders typically require. CalCounties TitleNation also offers
your lender a high degree of safety. Be assured that, as always, CalCounties
TitleNation will make it easy for you.
Title Insurance - Step by Step
09
Step 1: Customer Service Verifies Legal Property Step 8: The New Documents, Demands & Statement of
Description & How Title to Real Property Is Held Information Submitted to CalCounties TitleNation.
Step 2: Preliminary Order & Title Search Are Opened Step 9: Escrow Authorizes Recording of New Documents in
Step 3: Preliminary Search of Real Property Is Done the Transaction
Step 4: Title Search Examines Real Property Records, Step 10: Documents Are Recorded, Confirmation of
General Index Records & Tax Record Recording Is Received & Liens of Record Are
Step 5: Examiner Reviews Complete Search Package Paid Off
& Writes Preliminary Report Step 11: Title Officer Writes Title Policies
Step 6: Data Processor Enters the Preliminary Title Step 12: Data Processor Prepares Final Title Policies
Information into Computer & Prepares Preliminary Step 13: Title Policies Released to Client
Report
Step 7: Messenger Service Delivers Prelims to Escrow &
Lenders
12. Home Seller’s Guide
holding title
Tenancy in Common Joint Tenancy Community Property Community Property
with rights of survivorship
Parties - Parties - Parties - Parties -
Any number of persons. Any number of persons. Only husband and wife. Only husband and wife.
(Can be husband & wife) (Can be husband & wife)
Division - Division - Division - Division -
Ownership can be divided into Owner interests Ownership & managerial inter- Ownership & managerial inter-
any number of interests, equal must be equal. ests are equal. ests are equal.
or unequal.
Title - Title - Title - Title -
Each co-owner has a There must be unity of title Title is in the “community.” Title is in the “community.”Each
separate legal title to his andtime (created in one docu- Each interest is separate but interest is separate but
or her undivided interest. ment). management is unified. management is unified. Title
must state community property
with right to survivorship.
Possession - Possession - Possession - Possession -
Equal rights of Equal rights of Both co-owners have equl Both co-owners have equl
possession. possession. management and control management and control
holding title
Conveyance - Conveyance - Conveyance - Conveyance -
Each co-owner’s by one co-owner Written consent of other Written consent of other
interest may be without the others will ter- spouse is required, and spouse is required, and
conveyed separately minate that individual’s joint separate interest cannot be separate interest cannot be
by its individual owner. tenancy. conveyed except upon death. conveyed except upon death.
Purchaser’s - Purchaser’s - Purchaser - Purchaser -
will become a tenant-in will become a tenant-in can acquire title from the can acquire title from the
-common with the other -common with the other community with written community with written
property co-owners. property co-owners. consent or joinder of both
spouses.
consent or joinder of both
spouses. 10
Death - Death - Death - Death -
On co-owner’s death, his or On co-owner’s death, his Upon death of one spouse, Upon death of one spouse, his
her interest passes by will or her interest ends and 50%belongs to surviving or her interest ends and cannot
to that person’s devisees or cannot be disposed of by spouse, 50% goes by will to be disposed of by will. Survivor
heirs. No survivorship right. will. Survivor(s) own(s) the descendent’s devisees or by owns the property 100%.
property. succession to surviving spouse.
Successor - Successor - Successor - Successor -
Devisees or heirs become Last survivor owns If passing by will, tenancy- Purchaser can only acquire
tenant-in-common. property 100%. incommon between whole title of community;
devisees and survivor results. cannot acquire a part of it.
Creditor’s - Creditor’s - Creditor’s - Creditor’s -
Co-owner’s interest may Co-owner’s interest may Property of community is liable Property of community is liable
be sold on execution sale be sold on execution sale for contracts of either spouse for contracts of either spouse
to satisfy his or her creditor. to satisfy his or her creditor. which were made after marriage which were made after marriage
The creditor becomes a The creditor becomes a and prior to or after Jan. 1, and prior to or after Jan. 1,
tenant-in-common. tenant-in-common. 1975. Co-owner’s interest can- 1975. Co-owner’s interest can-
not be sold separately; whole not be sold separately; whole
property may be sold on execu- property may be sold on execu-
tion to satisfy creditor. tion to satisfy creditor.
Presumption - Presumption - Presumption - Presumption -
Favored in doubtful Must be expressly stated. The legal presumption is After July 1, 2001, there is no
cases, except in husband Not favored. that property which has presumption. The code reads
and wife case. been acquired during the that deeds must state
course of the marriage is “community property with
community property. the right of survivorship.”
13. Home Seller’s Guide
PAyment PRoCeduRe
On these pages, you will find the traditional distribution of expenses
associated with a purchase of real estate. However, many of these items can
be negotiated by both parties at the time of the offer, excluding some
expenses required by the lender to be paid specifically by seller.
Buyer Usually pays for:
1. Escrow fees
2. Document preparation (if applicable)
3. Notary fees
PAyment PRoCeduRe
4. Recording charges for all documents in buyer’s name
5. Termite inspection (according to contract)
6. Tax proration (from date of acquisition)
7. Homeowner’s transfer fee
8. All new loan charges (except those required by lender for seller to pay)
9. Interest on new loan from date of funding to 30 days prior to first payment date
10. Assumption/Change of Records fees for take-over of existing loan
11. Beneficiary Statement fee for assumption of existing loan
12. Inspection fees (roofing, property inspection, geological, etc.)
13. Home Warranty (according to contract)
14. Lender’s policy
15. Fire insurance premium for first year
Seller Usually pays for:
1. Real estate commission
11
2. Escrow fees
3. County documentary transfer tax (55 cents per $500 of consideration, exclusive of the
value of any lien or encumbrances attaching to the property at time of sale)
4. Applicable city transfer/conveyance tax (according to contract)
5. Document preparation fee for deed
6. Any loan fees required by buyer’s lender Payoff of all loans in seller’s name (or existing
loan balance if being assumed by buyer)
7. Interest accrued to lender being paid off
8. Statement fees, reconveyance fees and any prepayment penalties
9. Termite inspection (according to contract)
10. Termite work (according to contract)
11. Home warranty
12. Any judgments, tax liens, etc., against the seller
13. Tax proration (for any taxes unpaid at time of transfer of title)
14. Any unpaid homeowner’s dues
15. Recording charges to clear all documents of record against seller
16. Any bonds or assessments (according to contract)
17. Any and all delinquent taxes
18. Notary fees - escrow fee
19. Title insurance premium: Owner’s policy
15. Home Seller’s Guide
7 tiPs befoRe selling youR home
Some vital steps need to be taken before selling a home. These steps save
you time and money as well as eliminating the rush of doing things last
minute. Here are 7 tips you can use to help you prepare before you sell
7 tiPs befoRe selling youR home
your home.
1. Get Pre-Approval for a New Home Loan.
Before selling you should get pre-approved for a home loan on your new home you will
be moving into.
2. Contact CalCounties TitleNation Company for Comparable Sales.
Getting comparable sales in your area for your home is vital to gaining the most market
value out of your home when selling.
3. Estimate your Selling Costs.
- Real estate commission if you use an agent to sell.
- Advertising costs, such as signs and other fees if you plan to sell your home on your
own.
- Attorney, closing agent and other professional fees.
- Excise tax for the sale.
- Prorated costs for your share of annual expenses taxes, home owner association fees,
and fuel tank rentals.
- Any other fees typically paid by the seller in your area (surveys, inspections, etc.).
13
4. Estimate your New Home Costs.
Estimate the costs of your new homes down payment, moving costs, association fees,
utilities, taxes etc.
5. Create a Moving Plan Ahead of Time.
This can save you time when arranging your items to be moved. On page 18 you will find
10 tips that can help you get ready to move to a new home.
6. Market your Home.
Whether your selling as a For Sale By Owner or through a real estate agent, it is vital you
market your home properly. Marketing your home can greatly boost the amount of offers
on your home you will receive.
7. Touch up your Home.
Fixing your faucets, cracks, paint and lighting can help boost the amount you will gain
out of selling your home. The more appeal your house has to the buyer the better
chances you have at selling at maximum market value.
16. Home Seller’s Guide
15 home listing tiPs
1. Pricing your Home
-> Your agent can research comparable sales in your area and advise you of the appropriate
price range for your property.
2. Flexibility on Financing
-> Have your agent explain what financing options are available. Flexibility on financing
terms may secure a better selling price.
15 home listing tiPs
3. Market Timing
-> Ask a real estate professional to determine whether the market cycle is poised to net the
most money.
4. Property Accessibility for Potential Buyers
-> Lock boxes are a great way to make your home the most accessible to agents for showing.
Appointment-only showings are the most restrictive. If your lifestyle is not compatible
with frequent showings, your agent will help you determine a solution to suit your needs.
Remember, the easier a home is to show, the better the odds are of getting the deal you
want.
5. Latest Marketing Technology
-> Make sure your agent utilizes the latest technology, such as internet sites that cater to
home buyers. In some areas, cable access advertising is popular. Others use 800-number
interactive voice response systems. A good agent will know where you can get the best
14
exposure.
6. Present your Property Correctly
-> Put some items in storage, create more light, play music, or otherwise improve the
ambiance. Your agent can offer helpful advice to create the right first impression.
7. Seasonal Property Sale’s
-> Don’t base selling decisions on the season. Property sells year-round.
8. Re-evaluate the Marketing Plan
-> Re-evaluate your agent’s marketing plan every 10 days. Make needed adjustments based
on the current market and buyers.
9. Analyze Low Offers
-> Eighty percent of all buyer activity comes from signs and MLS listings. So if you aren’t
getting any offers and are flexible with showing your home, it may be time to re-evaluate
your price, not necessarily your agent.
17. Home Seller’s Guide
15 home listing tiPs - Continued
10. First Impressions are Golden
-> Sales have gone south thanks to unkept lawns, cluttered closets, unpainted front doors,
hard to work locks, blown light bulbs, bad colors, stains, unlit areas and foul smells. Spend
15 home listing tiPs - Continued
time on the little things. Double up on your gardening. Keep things cleaner than usual.
Take serious control of your pets during this time period.
11. Make the Right Kind of Repairs
-> Before making improvements prior to listing, consult a real estate professional. Some
upgrades will not yield any real increase in value, while others may increase property value
substantially. Ask for low-cost solutions to minor repairs that will yield the best profits.
12. Give the Sales Process Enough Time
-> Homes may take 3-6 months to sell in any market. Estimate how much time you have
before you need to sell and then plan ahead to allow extra time. You don’t want to be
forced to accept a disappointing offer.
13. Screen Prospects Adequately
-> One of the best reasons for hiring a realtor is his or her ability to pre-qualify a prospect
financially so that you don’t loose valuable negotiation time. Your agent may discover
when a prospect has an ulterior motive for shopping homes, other than purchasing.
14. Believe that you can Make a Difference 15
-> The top agents in the industry report that their sellers are responsible for at least one out
of 10 sales. You can network your business and personal friends, hand out flyers and keep
your house in move-in condition. Your realtor should be ready to hand you all sorts of
assignments to make the team effort successful.
15. Test the Market
-> Never put your property on the market unless you really want a sale! Get ready for a
professional sales push when you list with a great agent. If your plan harbors some
indecision, resolve it before you list because success is every great realtor’s objective!
18. Home Seller’s Guide
PResenting youR home
Enhancing how your home shows to potential buyers cannot only
help to sell it more quickly but can often improve the selling price.
Stand out in your Neighborhood
-> A well kept, neatly landscaped property can be very inviting to the potential buyer
interested in viewing your home. Refuse containers should be out of view, and the lawn
should be freshly trimmed. Fertilizing a few weeks prior to listing will help your lawn look
PResenting youR home
lush and green. Woodwork should be free of chipped or cracked paint.
Fresh Look
-> The front door should be clean or freshly painted. Brass knobs should be polished. Consider
placing a planter of fresh flowers on your front porch.
Small Repair Details
-> Repair all loose doorknobs and cupboard hinges, dripping faucets, stained sinks, loose or
missing caulking, sticking doors and windows, and damaged or missing window screens.
Tidy up
-> Tidiness makes a room look larger and helps the buyer visualize his/her décor in your home.
Workout rooms, sewing rooms, laundry rooms, and home offices should be as organized
and clutter-free as the main living space in your home.
16
Light up your Home
-> An open, airy feeling generates comfort and welcomes the potential buyer into your home.
Drapes, curtains and mini blinds should be open to allow plenty of light in your home. Turn
on all the lights when showing your home at night.
Clean Closet
-> Neat, well-organized closets appear larger. Larger closets help sell homes.
Squeaky Clean
-> Remove stains from sinks, toilets and bathtubs, including hard water spots on shower
enclosure doors. If drains run slowly, unclog them. Hang fresh towels on towel rack.
Clean Kitchen
-> Make the most important room in the house appear larger by cleaning clutter from the
counter tops. Avoid dirty dishes in the sink. All counter top appliances should be kept out
of view. Replace or repair worn out flooring. Clean the ventilation hood over your stove. A
brighter kitchen is always more attractive.
19. Home Seller’s Guide
mAintenAnCe And RePAiR - Questions
When selling a home, whether it be new or used is a big responsibility. That’s why
making sure you check for any errors and inaccuracies inside and outside of your
mAintenAnCe And RePAiR - Questions
home is very important. A make over of your home is needed in making sure you
get the full market value worth of your home
Questions to ask your Real Estate Agent
1. Has the home been fumigated?
2. Has the plumbing and drainage system been inspected by a Plumber?
3. Are the sprinklers and lights in full working condition?
4. Has the carpet been updated?
5. Has the paint been updated?
6. Has the roof been updated for rainy weather conditions?
7. Has the electrical system in the home been inspected by an Electrician?
8. Is the heating and air conditioning system In full working condition?
9. Are the windows in full working condition?
10. Are all appliances in full working condition?
New Home Updates
When buying a new home many developers offer bonus or Add-On
17
options to customize your home. Making sure you choose the option or
fixture to your liking is another step into securing your investment.
Used Home Updates
As provided by your Agent, the updates and improvement to your home should
also be reviewed by yourself. Not looking for errors can be a huge headache in
the future, as things like plumbing, Heating, Cooling and Fixtures can bring forth
a costly problem if not examined properly.
Maintain your Home
Maintaining your home is a very important part in your investment. Not
maintaining your lawn, drainage, heating, cooling and electrical wiring can
drastically bring the overall equity of your home down when selling. These
should be maintained in order to secure the equity that your property will
gain in the years to come.
20. Home Seller’s Guide
moving And PACking - tiPs
Moving to a new home can be time consuming and costly. Sorting
your belongings and making sure you don’t lose or misplace things
is important in the moving process. Here are 10 tips to go by when
moving into a new home.
moving And PACking - tiPs
1. Make a List of your belongings, that way you can keep track of what is left
to move.
2. Label your boxes.
3. Buy tape and packing paper.
4. Make sure you use packing paper for your fragile items.
5. Rent a truck or van for hauling items. This could save you money by
moving a huge amount of your belongings all at one time.
6. Set placement ahead of time so you have an idea where to place things
accordingly.
7. Use a dolly for moving heavy items.
8. If your not using a moving company, ask family members or friends for 18
help moving. The more help you have the faster you can move in to your
new home.
9. Pack your items with other items that match, for instance:
Cloths with Cloths, pictures with pictures, etc.
10. Drive carefully, driving fast and taking fast turns can drop boxes and
break your belongings on the way to your new home.
21. Home Seller’s Guide
moving CheCklist
Before you move.. At your new home..
Always make sure when moving to double check everything Make placement plans for your items to
10 tiPs befoRe selling youR home
in your home before leaving and Transfer all keys to the save time. Unpack and make sure your
new owner. utilities are scheduled to turn on in time
of your arrival to your new home.
General Checklist Item Checklist
Create a List of everything Buy boxes, tape and labels Review your list and go
that will be moved. to keep things in order. through your belongings.
Set a time and day and let Clean your refrigerator, Move and place heavy items
your employer know before oven, microwave and lawn and assemble heavy items
hand. mowers before packing. before unpacking.
Order new checks with new
Pack cloths with cloths and Apply for a new state license,
address and transfer funds
wrap fragile items with and register your car with
if using a new bank.
packing paper the local DMV.
Discontinue utilities, and
inspect your gas and Turn off any lights or sprin- Confirm arrangements with
electrical wiring. klers timers off and close your referred doctor, dentist
the gas line before moving and veterinarian.
Arrange your new home your oven Check your utilities and
utilities to be turned on
Ask your doctor, dentist for
Clean out your washer and
dryer, and close the water
make sure they are in
working order.
19
referrals in your new line to your washer.
Review your items for any
neighborhood
Carry jewelry and important missing or lost items, and
Check new state or city documents with yourself or contact moving company if
regulations regarding ani- in a safe deposit box. missing items.
mal vaccinations, transfers, Greet your new neighbors
records etc. and visit local services.
Contact several moving Register your children at a
companies for estimates new school.
If your not using a moving
company, contact relatives
or friends.
Confirm time of arrival,
insurance and charges with
your moving company.
22. Home Seller’s Guide
selleR’s glossARy
These definitions are to acquaint the seller with the terms commonly used in real estate
transactions. These terms are intended to be general and brief and are not complete and fully
accurate when applied to all possible uses of the terms. Please consult your Real Estate Agent
for more information regarding these terms.
Agent-
One who is authorized to act for or represent another (principal), usually in business matters. Authority may be
expressed or implied.
Amortization-
selleR’s glossARy
Payment of debt in regular, periodic installments of principal and interest, as opposed to interest only payments.
Appraisal Report-
A written report by an Appraiser containing his/her opinion as to value of the property and the reasoning leading
to this opinion. The factual data supporting the opinion, such as comparables, appraisal formulas and qualifica-
tions of the appraiser, will also be set forth.
“As-Is” Condition-
Premises accepted by buyer of the condition existing at the time of sale, including all physical defects.
Asking Price- 20
The price at which the Seller is offering the property for sale. The eventual selling price may be less after
negotiation with the buyer.
Assumption of Mortgage-
A Buyer’s agreement to assume the liability under an existing note that is secured by a Mortgage or Deed of Trust.
The Lender must approve the Buyer in order to assume the loan.
Beneficiary’s Demand-
Written instructions by a beneficiary under Deed of Trust stating and demanding the amount necessary for
issuance of reconveyance, whether a full or partial amount.
Closing Statement-
The Statement which lists the final financial settlement between Buyer and Seller the costs each must pay. A
separate statement for Buyer and Seller are generally prepared.
Commission-
An amount, usually as a percentage, paid to an Agent (Real Estate Broker) as compensation for his/her services.
The amount to a Real Estate Broker is generally a percentage of the sale price.
23. Home Seller’s Guide
selleR’s glossARy - Continued
Earnest Money-
The portion of the down payment provided by the Buyer, delivered to the Seller or Escrow Agent with a
written offer as evidence of good faith.
Grant Deed-
selleR’s glossARy - Continued
One of the many types of deeds used to transfer real property. Contains warranties against prior convey-
ances or encumbrances. When title insurance is purchased, warranties in a deed are little practical signifi-
cance.
Listing-
An agreement between an Owner of real property and a Real Estate Agent, whereby the Agent agrees to
secure a Buyer for specific property at a certain price and terms in return for a fee or commission.
Listing Agent-
A Real Estate Agent obtaining a listing as opposed to the Selling Agent.
Owner Will Carry Mortgage-
A term used to indicate that the Seller is willing to take back a purchase money mortgage.
(Can also be called a Seller Carry Back).
Pro Rate-
To divide in proportionate shares, such as taxes, insurance, rent or other items, which Buyer and Seller 21
share at the time of closing or other agreed upon time.
Purchase Agreement-
A written document whereby the Purchaser agrees to buy certain real estate and the Seller agrees to sell
under stated terms and conditions. Also called Sales Contract, Earnest Money Contract or Agreement for
Sale.
Realtor-
A designation given to a Real Estate Broker or Sales-Associate who is a member of a board associated with
the National Association of Real Estate Boards.
Reconveyance-
An instrument used to transfer title from a Trustee to the equitable Owner of real estate, When title is held
as collateral security for a debt. Most commonly used upon payment in full of a Trust Deed, also called
Deed of Reconveyance or Release.
Selling Agent-
The Real Estate Agent Obtaining the Buyer rather than listing the property. The Listing and Selling Agent
may be the same person or company.
28. Orange County
4667 MacArthur Blvd., Suite 150
Newport Beach, CA 92660
Phone: 877-727-3900
Los Angeles County
790 E. Colorado Blvd, 4th Floor
Pasadena, CA 91101
Phone: 888-282-5885
www.calcounties.com