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Your Legal Requirements

Hyde Realty can help advise you of your legal obligations when selling your homeThese are issues that you will need to think about and Hyde Realty can help you with. If there not thought of in advance you could jeopardize a sale or slow down a closing:

- Giving your broker an honest representation of your home. By supplying correct information and disclosing all knowledge in relation to the property.

- Obtaining proper Certificate of Occupancy and or other permits for the dwelling including any recent constructed additions of alterations.

- Proper identification of any hazardous materials, such as Asbestos, in the dwelling.

- Proper identification of any underground storage tanks, such as abandoned oil tanks on the property.

- Professional coordination of the attorneys, financing companies, surveyors, engineers, exterminators etc, to assure swift and accurate communication from first acceptance of a sale to the closing of title.

Clearing Up Title Problems:
Once a contract has been signed or immediately before hand, make sure the title to your house is clear. A lender will not close on a mortgage until the title is clear.

A common problem is no Certificate of Occupancy for an improvement such as a deck. To correct a CO problem, a building permit for the improvement must be filled with the municipality and the building inspector must check the work. If the improvement was not built in compliance with the current codes, it may have to be altered or removed. If the improvement stays and a CO is obtained the home’s assessed value and property taxes will be higher. This could break a deal if it was on a fine line to begin with.

These matters must be cleared otherwise searches and CO’s could stall closing for weeks. A good broker should have a handle on many of these concerns before they advise you to enter into a contract.

Tax Bites:
The taxable profit on a home sale is determined by subtracting the original purchase price plus cost of improvements – called the cost basis – from the selling price. Sellers often overlook certain things that can be included in the cost basis. For instance, some closing costs, such as title insurance, the mortgage recording tax, appraisal fees, application fees, attorney fees and broker commissions can be included. Often over looked improvements include alarm systems, automatic garage door openers, carpeting staying with the house, air conditioners and general landscaping.

To make life easier when selling, owners should keep a file of bills and canceled checks for expenses and improvements beginning the day they move into the house.

Taxes owed on any profit can be deferred if a replacement residence is purchased and occupied up to two years after selling the present home. The cost of the replacement home must equal or be larger than the selling price of the present home after deducting from the latter’s and any broker’s commission and fix up expenses related to the sale.

Selling a home in today’s buyers market is not easy, but still can be profitable and relatively less annoying than it might otherwise be. The key is putting confidence in the right broker to represent your interests.