Useful Tips to Sell Your House to a 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. In this article we will guide you on how to be safe while receiving cash payments from your house buyer.
The first thing you need to do is drafting an agreement that will guide you through the sale of the house. The terms of the house sale, the modes of payment, the transfer method and period will be agreed upon in the sale agreement. A real estate attorney will guide you through drafting the agreement to ensure that the sale will be legal. 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.
During payment, you need to put up some measures which will ensure your safety . Since you are likely to receive a substantial amount of money then you have to ensure that the place of transfer is 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 be keen on counting the money and that you are able to spot fake money.
Ensure that you do not transfer the house document to its new owner until you have received the full payment. This is most applicable in instances where you may have agreed with the buyer to receive the money in instalments. This will safeguard you from losing your house in case you transfer the document before receiving full payments.