A home sale is a large transaction and requires multiple forms. We’ve made a list below of the forms you might see as a home seller All forms listed here are Colorado specific state regulated forms.
Note: We are based in Colorado Springs, Colorado. If you are planning to sell your house in a different area, we can match you with an excellent local agent. Give us a call (719-321-0800) or email us (susanna@co-regroup.com) for a referral.
1. Definition of Working Relationships
This document will give you a clear overview of the options you have for representation. Most sellers prefer to be represented by a dedicated seller’s agent. A transaction broker would be applicable if a seller and buyer find each other and simply need to hire Colorado Real Estate Group to do the transaction part of this sale.
Related Reading:
Steps to Sell a Home
Partnering with the Right Agent
2. Exclusive Right to Sell Listing Contract
The Exclusive Right to Sell contract defines the relationship between the seller and agent. It permits the agent to represent the seller in negotiations and with tasks involving the buyer.
Items for consideration:
- How would you like to be represented?
- When will your home be ready for the market? Sellers tend to list for at least 6 months.
- You and your agent will decide what you’d like to pay the agent who brings the buyer. It’s important to note that there really isn’t a standard fee like many sellers believe.
- There will be clear language that the home and its address will or will not be listed in the MLS and therefore on the broader internet. This will include pictures and description.
- Property access and showing schedule. How will the property be accessed? How much notice do you need for access? Do you have special needs and requirements? Is there an alarm? Do you have concerns? How would you like to be notified of showings and who is the person dedicated to grant showings and receive the agent provided feedback?
- Who may enter the property? (This could include agents, appraisers, inspectors, etc.)
- Pricing of the home will be determined, as well as what type of loans you’ll allow and what earnest money you require.
- All items included in the home sale. Common inclusions are all kitchen appliances, garage cabinets and shelves. Washers and dryers are sometimes included. Possibly pool tables or saunas. Nothing is impossible to list as an inclusion. Remember that all items permanently attached to the wall will be expected to be included in the home sale unless expressly excluded.
- All items that will be excluded. Common items for exclusion include: freezer in the garage, certain cabinets in the garage, curtains, TV’s. Side note for TV’s: specify if you are taking the bracket. If you are taking the bracket, you will have to patch and touch up the damaged wall. You can always make items negotiable. This means that you do not want to automatically include them in the sale but you’d be willing to part from them at the right price.
- Home Owners Association (HOA): If you have an HOA, now is the time to learn where you can get all the associations’ documents to present to the buyer. There is a list of required documents listed in the Contract to Buy and Sell. The earlier you get these from the association the better. We’ll be able to assist you with suggestions.
- Carbon monoxide detectors: these are required by state law and need to be placed within 15 feet of all bedrooms or in rooms where there is a system with combustion fuel.
- How any retained earnest money is distributed.
- Any additional requirements you have.
3. Sellers Property Disclosure:
There are owners that opt to not fill out this form. This is especially common with sellers who have never lived in the property because it was an investment. Even if you have never lived in the home, either you or the property manager should know about repairs that have been made during the time of the ownership.
There are two types of questions in this disclosure:
- “If you know of any of the following problems EVER EXISTING (some are also NOW EXISTING) on the property” (Consider describing issues and their repair)
- “Do you know of the following on the property” (Refers to features in the home and their age)
4. Source of Water Addendum
Name and contact information for water provider. Please also provide the electrical and gas supplier to us.
5. Square footage Disclosure
Please provide any builder or appraisal documents if they differ from the tax assessor square footage statement.
6. Lead based Paint Disclosure
If your house was built before January 1st, 1978, you‘ll have to fill out and sign one of these disclosures. You will also have to allow buyers to test for lead based paint in your home.
7. Closing Instructions
This document gives the closing entity (usually a title company) the authority to prepare documents and the figures for closing.
What additional information do you need to add my house to the MLS?
Before we can list your home in the MLS (Multiple Listing Service), we need detailed information to put into system. Our Seller Profile is a great start, but we will request more information with an additional form from our office.
Our team is here for you every step of the way. Questions? Call 719-321-0800 or email susanna@co-regroup.com.
