Documents required for Sale of Property in Queens NYC, by George Herrera, Realtor/Co-Owner of the Queens Home Team at Keller Williams Realty.
If you’re thinking of selling your home in Queens NY, you’ve probably wondered about the documents required for sale of property in Queens and when you will need them by. Fortunately for you there aren’t that many documents required, however, there are some important things you should know about the documents that you do need during the Queens home selling process. Below is a list of the most common documents that are needed in order to sell your Queens’ house. We are starting out with the legally required documents needed in order to go into contract and close on the sale. For a list of documents required in order to get your house on the market, scroll down to the bottom of the page.
If you are selling with an agent, these are the documents you will need in order to get your property on the market:
New York State Agency Disclosure
New York State law requires real estate licensees who are acting as agents of buyers or sellers of property to advise the potential buyers or sellers with whom they work of the nature of their agency relationship and the rights and obligations it creates. This disclosure will help you to make informed choices about your relationship with the real estate broker and its sales agents. As a home seller, your Agency Disclosure should be filled out by your listing agent as “Agent X acting in the best interest of the [ ] Seller as [ ] Seller’s Agent. Make sure that your agent also explains to you the ramifications and considerations regarding Dual Agency & Dual Agency with Designated Sales Agents.
Lead Based Paint Disclosure
Queens home sellers are required to disclose known information on lead-based paint and lead-based paint hazards before selling a house in Queens. Sales contracts must include a disclosure about lead-based paint and buyers have up to 10 days from the contract date to check for lead. Most of the time, your listing agent will ask you to sign the Lead Based Paint Disclosure form before hitting the market.
Multiple Listing Agreement – Residential Property Data Section
The residential or condo/coop data section is the form in which all details and specifics of the property are listed. Fields in the form include information about the location, price, dates, home characteristics, exterior info, open house info, utilities, etc.
Multiple Listing Agreement – Exclusive Right to Sell
Okay this is the fine print of your listing agreement. Very important that you read this carefully and understand all the terms of your agreement. Sections in this form include: Compensation, good faith, expiration date, indemnity, property condition disclosure, etc.
Property Condition Disclosure Statement
The property condition disclosure is a statement of certain conditions and information concerning the property known to you, the seller. This Disclosure Statement is not a warranty of any kind by the seller or by any agent representing the seller in the transaction. It is not a substitute for any inspections or tests and the buyer is encouraged to obtain his or her own independent professional inspections and environmental tests and also is encouraged to check public records pertaining to the property.
A knowingly false or incomplete statement by the seller on this form may subject the seller to claims by the buyer prior to or after the transfer of title. In the event a seller fails to perform the duty prescribed in this article to deliver a Disclosure Statement prior to the signing by the buyer of a binding contract of sale, the buyer shall receive upon the transfer of title a credit of $500 against the agreed upon purchase price of the residential real property.
So, this disclosure statement is not required, however, if you do not fill one out just be advised that the buyer will receive a $500 credit at closing.
These are the documents you will need once you have a buyer and are ready to go into contract. Some documents are required while other ones are just good to have if you have them or can locate them.
If you are selling your house by owner in Queens, these are the documents you will need in order to go into contract on your property:
Proof of Ownership – Required
Once you market the house and find a buyer, the documents you’ll need will need to be provided at the time of contract, however, it is a good idea to start gathering them at the very beginning in case you have any issues locating them. The first document your attorney will ask you for is a copy of your deed or stock certificate (for coops). They will usually look it up on ACRIS beforehand because the deed may already be available online but if they can’t find it, they will most likely ask you for it. They may ask you either way because they may want to compare what you have to what they were able to find online. If you’re selling a Coop you will need your stock certificate. If you still have an outstanding mortgage on the apt, the original stock certificate will most likely be held with the bank holding the mortgage.
Power of Attorney – Applicable
If you are making decisions on behalf of someone else with regards to selling of a property here in Queens, you will need Power of Attorney to do so. You can obtain power of attorney through your attorney. Without this, you would not be able to execute a listing agreement, contract, etc. only the legal owner would be able to do so without power of attorney.
Old Title Report – Not required, but good if you have it
Your attorney will most likely ask you if you have a copy of the title report you received when you first purchased the property. If you inherited the property or had it transferred to you, you may not have a title report, if this is the case, it is recommended to have a pre-title search done in order to see if title was passed/transferred properly.
Old Survey(s) – Not required, but good if you have it
Your real estate attorney will most likely also ask you for your old survey. The survey is a document which outlines the exact dimensions and lot lines of your property. The survey is created by a licensed surveyor and is required in order to close on the sale of a house so you should have one in your old title report. Sometimes we meet with sellers who have made exterior changes or added an extension to their home, but unfortunately it was not done legally and therefore it is not on file with the city. If you are in a situation like this, you will likely face issues when selling because the buyer’s bank or attorney will require a new survey which will need to match what the city has on file for your property. If any changes were made and not permitted through the city, the items will need to be remedied prior to closing. Depending on the extent or changes made to the property, this can be a huge issue.
Death Certificate(s) – If Applicable
If you inherited the property, your attorney will most likely ask you if you have a death certificate for the decedant from whom you inhertied the property from. Many times when title is pulled during the sale process, they must validate that the inheritance is valid and for this they often request a death certificate amongst other things.
Will and Testament – If Applicable
If you inherited the house then you should also have documentation on the inheritance. The attorney will most likely ask you for the will and testament showing that you were listed as a beneficiary to the property. This will show if their are other beneficiaries involved as well. In addition to this, the attorney will want to make sure that the will was probated because if you inherited the house, the will would need to be probated before you can sell it. If there was no will, you will need to have filed an administration proceeding in order to be assigned as administrator for the property in accordance with the law.
Letters from Surrogates Court assigning Executor or Administrator
If you inherited the property, the will would need to have been probated in order to prove that the will was valid. If there was no will, an administration proceeding would need to have been completed in order for the house to be distributed to you in accordance with the law. Whether probate or administration, you will need to have a letter assigning you as the executor or administrator in order to legally sell the property.
Documentation on Violations & Liens
If you’ve had any prior liens or violations, you want to make sure you have all of your documentation on them. If you resolved violations and(or) cleared any liens on yourself or the property, you definitely want to have documentation because many times these things can come up in a title report and then everyone is scrambling to get it resolved at the last minute.
Documentation on Extensions, Conversions, Occupancy, etc.
If you made any changes to the use or egress of your property since you purchased it, or if you know that work was done in the past but you aren’t sure if it was permitted, you want to track down any documentation you can on it. If you made the changes yourself, hopefully you went through the proper channels and have all the necessary paperwork to prove it. However, if you didn’t get the required permits file everything accordingly with the city, then you may face issues when you go through the selling process.
Documents Required for Sale of Property – Queens NY
Courtesy of George & Abigail Herrera, Realtor/Owners of the Queens Home Team at Keller Williams Realty Landmark II.