1. The seller must determine a true value for the property in order to obtain a legitimate and reasonable sales price for the property. The property must then be placed on market for sale and advertised.
2. The Real Estate Purchase and Sale Agreement, Lead Hazard Form and Real Property Disclosure (and other documents as may be required for specific situation) forms are to be prepared by seller and presented to purchaser then executed by the parties. The down payment/deposit is to be paid to seller by purchaser at this time.
3. The purchaser begins the process of obtaining a loan to pay the purchase price and this may require that he purchaser obtain a survey and/or title search being done. The purchaser and/or lender may require title insurance policy to be purchased and issued on the property.
4. The seller prepares Warranty Deed, signs it, has it witnessed and notarized so that the property can be transferred to the purchaser.
5. The closing takes place and the purchaser (and/or lender) tenders the remainder of purchase price (that required to be paid after the down payment is applied to the purchase price of the property) to the seller; seller pays off all liens and mortgages on the property; Deed is tendered to purchaser and then the purchaser files Deed with the governmental recording office in the county or parish in which the property is located so that property is transferred to purchaser’s name.