Power Of Attorney: If one of your parents is suffering from Alzheimer’s disease or any other type of dementia, there may come a time when you or your siblings need to sell their home to cover their long-term care expenses. However, if your parent has become incapacitated, they need to have identified someone who can act on their behalf for the sale to take place. This person is known as the agent, and they are appointed through a durable financial power of attorney (POA). Even if the agent is a family member, they must have legal authority (POA) to sell the home. If the caregiver does not have legal authority, they have no right to sell the house. If you need legal help, please contact us. We can connect you with a trusted Elder Law attorney in our network.
Mortgage Statement: If there is still a mortgage on the home, request a mortgage statement from the lender to determine the amount owed, which will help estimate the proceeds from the sale.
Property Survey: Surveys are essential in rural communities to accurately determine boundary lines. Typically, the buyer is responsible for paying for a new survey if one is required. However, providing one and saving the buyer money at closing can be a significant goodwill gesture.
Improvements s Maintenance Records and Receipts: To complete the Seller’s Property Disclosure Form, it’s important to reference maintenance receipts and dated records of recent improvements made to the property such as a new roof, water leak repair, most recent painting, or pool addition. This will not only show the buyers what has recently been improved but also help them identify any areas that may need repairs when they move in.
Capital Improvement Receipts: In addition, capital improvements can also help reduce capital gains taxes, so it’s important to keep receipts for tax time.
Solar Panels: If there are solar panels on the home it is important to know the status of those panels. Are they owned outright, financed, or leased? If they are financed, do you plan to pay off the debt before going under contract? These are important questions to discuss with your REnext agent.
Homeowners Association Records: If the home is part of a development, the buyer needs to be aware of any Homeowner’s Association (HOA) obligations before making the purchase. As the seller, you should provide the buyer with all HOA documents, including bylaws, rules and regulations, dues amount statements, and copies of the minutes from HOA meetings for the past two years. In the event, you are selling your parent’s home and they do not have these documents readily available; the HOA should be able to provide them.