When you want to sell your old house and moving to the new one then you may have done lots of things. When it’s time to close the deal with the buyer you have to do some things. so make sure to sell your house fast and get relaxed. In the end, both the buyer and the seller have closing costs. The seller typically pays the real estate agent’s fees. Some other costs which are commonly paid by the seller are government transfer tax, recording fees, any outstanding fees.
Additionally, if the person has negotiated any credits to be paid at the closing of the deal for repairs or closing costs, the owner will pay those too. Your agent or the closing agent should give you a complete list of the costs you will be responsible for.
Weigh all the tax implications
The great news is many sellers won’t owe taxes on profits from the sale of their houses. If you have owned and lived in your house for at least 2 out of the previous 5 years before selling it, then you would not have to pay taxes on any profit. For people who are married, the amount you can exclude from taxes. However, the profit you get from the sale will be greater, then you require to report it to the IRS on the tax return as a capital gain on the house.
Gather on the documents which are needed
There will be lots of paperwork which will be done, for a house sale. So you have to organize all the important papers all in one place to help things go more quickly. And this will help you to sell your house fast. Some of the main documents you will require are:
The house’s original purchase contract, the property survey, certificate of occupancy and compliance with the local codes, mortgage documents, tax records, appraisal from your house purchase, owner’s insurance, and house inspection report if you did. While placing them, you will get to know which document you are forgetting. When you are done, with the documents, then end the deal, take the money and shift into your new house. Doing the deal smoothly and with some smart work will help you to earn profit without any burden. So make sure to follow these things at the time of closing.