Useful Tips to Sell Your House to a Cash Buyer
At some point in life you may have reasons that will result In you selling your house. Once you get the buyer and availability of various payment options , you are required to determine the mode of payment. Due to circumstances that you cannot avoid, you choose to receive the payments through cash even though you are aware of safer methods like bank transfers This article will guide you on how to be safe while selling your house to a buyer who intends to pay in cash.
The first thing you need to do is drafting an agreement that will guide you through the sale of the house. In this agreement you draft the terms for the house sale, mode of payments, transfer method and the duration it will take. To ensure that you the agreement is legal you need to seek the services of a real estate attorney. Before selling the house for cash you need to make sure that the buyer is in agreement with the contract through their attorney. You may need the agreement for future referencing when there’s need to. The agreement also protects you from unscrupulous buyers who are in the pretense of buying the house but have other motives. You need to ensure that you have an understanding with the realtor on how they will receive their commission after the payment is done.
Before agreeing to receive cash payments from the buyer of your house you need to ensure that your safety is guaranteed first. Due to the amount of money you are likely to receive then the location should be safe and secure. Receiving the money from the bank guarantees both your safety since the buyer will withdraw the money and you deposit the money. In case you do not need to deposit the money then you can invest in safety measures like a safe deposit where you can lock the money safely. There’s a need to have a background check of the buyer to ensure that they are not involved in criminal activities. By doing this you have a guarantee that you will not lose either the money or the house. You should be keen on counting the money and that you are able to spot fake money.
When selling your house for cash ensures that you do not transfer the house documents to the buyer until you receive the full amount of money. This is most applicable in instances where you may have agreed with the buyer to receive the money in instalments. This is an assurance that the buyer will have to honour the deal in order for them to get the house documents and safeguard you from losing your house.