Answers to Frequently Asked Questions About Real Estate

 

 

Can I Sell My House Without a Real Estate Broker?

Real Estate Brokers can provide many services which are useful when selling your home.  For example, realtors with the El Paso County Board of Realtors can list your house in a "multiple listing", which provides information to many potential purchasers about your house.  Thus, real estate agents can provide important advertising and marketing opportunities.  However, it is not necessary to hire a real estate agent to sell your house.  If you would like to use your own skills to market your home, such as through newspaper and other advertising, you may find it most economical to sell the house without obligating yourself to pay a real estate commission.

 

Who Will Prepare the Necessary Documents to Sell My Home?

An attorney can prepare a purchase contract, setting forth the terms of the sale of your home.  That contract will need to reflect the particular terms of the sale which you have negotiated with your home buyer.  The contract also needs to include many provisions which are necessary to protect each party, and to comply with relevant laws.

 

The documents needed to close the sale of your home, such as a deed and closing settlement statement, are typically prepared by a title company.  There are many title companies in El Paso County who are helpful and ready to assist parties to real estate transactions.

 

What Are the Income Tax Consequences of Selling My Home?

Each person selling a home should consult his or her accountant to determine the tax ramifications of the transaction.  Tax advice may be most useful before agreeing to particular terms of sale.  Gould, Whitley & Marshall does not provide tax advice, but would be glad to refer you to certified accountants in Colorado Springs.

 

After I Find a Buyer, What Do I Do to Finalize the Sale of My House?

The first step is to have a purchase contract prepared.  You can do this yourself, hire a real estate broker, or hire an attorney to prepare the contract.  We can typically prepare a purchase contract for a flat fee, based on the complexity of your situation.   Once the purchase contract is prepared, it is your responsibility to obtain the Purchaser's signature on the contract, and to obtain the earnest money deposit from the Purchaser.  When the contract is fully signed and the earnest money deposit received from the Purchaser, the Seller should take a copy of the contract and the earnest money check to the title company chosen by the Seller.  The Seller can then arrange with the title company to schedule a closing time, and to have them prepare a title insurance commitment and closing documents.

 

What Information Is Needed To Prepare a Purchase Contract? 

If you would like for one of the lawyers of Gould, Whitley & Marshall to prepare your purchase contract, we will ask you to complete a checklist with information concerning your sale.  You can view that checklist by clicking here 

 

Please call us at 719-531-0994, or e-mail Linda Gould.

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