Tips That Will Guide You to Sell Your House to a Cash Buyer
At some point in life you may have reasons that will result In you selling your house. There are various ways you can get paid through the sale of your house. Due to circumstances that you cannot avoid, you choose to receive the payments through cash even though you are aware of safer methods like bank transfers 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 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. The house seller should also include their attorney to ensure that both parties are in agreement of the sale. 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. In case you do not need to deposit the money then you can invest in safety measures like a safe deposit where you can lock the money safely. Carry out a background check of the buyer to ensure that you are not dealing with a person involved in criminal activities. This will safeguard you from losing your money or the house. 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.