Helpful Tips to Sell Your House to Cash Buyer
For one reason or the other you may come to a point where you have to sell your house. Once you get the buyer and availability of various payment options , you are required to determine the mode of payment. It’s a bit safe to receive payments through bank transactions but due to some unavoidable circumstances you need the money in cash. This article will guide you on how to be safe while selling your house to a buyer who intends to pay in cash.
First thing to do before you sell your house for cash is that you need to put forward a contract or an agreement that will guide you through the house sale. The agreement includes the terms of sale, the mode of payment and the how long it will take to transfer the house. You need to seek the services of a real estate attorney that will help draft a legal agreement. 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. You can choose to receive the payment in a bank where you can deposit the money immediately to your bank account. If you don’t want to deposit the money then you need safety measures like a safe deposit that will guarantee that no one can have access to the money. Check the profile of the buyer to ensure that they are not involved in criminal activities. This is a guarantee that you will be safe and avoid losing your money. You should ensure that you are able to differentiate fake money with the real money and that you are keen in counting.
Ensure that you do not transfer the house document to its new owner until you have received the full payment. This is applicable if you have an instalment payment agreement with the buyer. This will safeguard you from losing your house in case you transfer the document before receiving full payments.