1. The seller must determine a true value for the property in order to obtain a legitimate and reasonable sales price for the property. The property must then be placed on market for sale and advertised.
   
   
2. The Real Estate Purchase and Sales Agreement, Lead Hazard Form and Real Property Disclosure (and other documents as may be required for specific situation) forms are to be prepared by seller and presented to purchaser then executed by the parties. The Down payment/deposit is to be paid to seller by purchaser at this time. State of Iowa Requires a specific process for this payment. Do you know what that is? It is a Legal Issue so make sure.
   
   
3. The purchaser begins the process of obtaining a loan to pay the purchase price and this may require that he purchaser obtain a survey and/or title search being done. The purchaser and/or lender may require title insurance policy to be purchased and issued on the property. Do you know about Abstracting? In Iowa this has to be done.
   
   
4. The seller prepares Warranty Deed, signs it, has it witnessed and notarized so that the property can be transferred to the purchaser. Do you know how to get this form? Do you know that 7 other forms are required at closing and not just the Deed? 
   
   
5. The closing takes place and the purchaser (and/or lender) tenders the remainder of purchase price (that required to be paid after the down payment is applied to the purchase price of the property) to the seller; seller pays off all liens and mortgages on the property; Deed is tendered to purchaser and then the purchaser files Deed with the governmental recording office in the county or parish in which the property is located so that property is transferred to purchaser’s name. Who orders your Payoff? How do you get this? Do you have liens or judgements? These will hender your closing so make sure you get these addressed prior to closing.

Do You know the differences between the following?

*If you don't*

It can Cost you big time and even land you in a Legal Battle or even Jail!!

• Do you know the difference between Earnest Money and Down Payment?
• Do you know the difference between an Appraisal and an Assessment? 
• Do you know the difference between a regular Checking Account versus a Trust Account?
• Do you know the difference between a Pre-Approval and a Pre-Qualification?
• Do you know the difference between Closing Costs and Pre-Paids?
• Do you know the difference between Seller Concessions and Seller Enticements? This is a big issue!
• Do you know what the difference is between a Termite inspection and Pest Inspection?
• Do you know your State's mandated Law on Selling your Home yourself?
• Do you know what the difference is between Abstracting and Title Insurance?
• Do you provide a Property Disclosure at time of Sale? or Prior to the Sale?
• Do you know if you are required by your State Law to supply a Property Disclosure?
• Do you know the Requirements for FHA Loans? How about Conventional Loans? How About VA Loans? All of these loans have different requirements for which your Purchase agreement needs to be tailored to.
• Do you know what you have to Disclose by State Law to your potential Buyer?
• Do you have a Septic Tank? Do you know you have Extra steps before you can actually sell your property?

***All of these questions are very Simple questions that anyone Selling a Home should know or know to ask***.

These questions are not here to scare any Seller or Buyer but only here to help educate the Seller and Buyer in terms that are Contract specific and if not followed can lead to a disasterous ending...

Maybe a Legal battle or even Jail time!

Feel Free to call any one of our experiecned staff and we will be more than happy to discuss these answers with you. Our goal is to help you identify these potential issues and correctly navigate through your course of Selling your Home on your Own.

Trego Realty | Office: 319.432.7122 | Direct: 319.431.2578 | Derrick@TregoRealty.com |

 Licensed in Iowa