Property Disclosures

• First-timers must be aware that every state requires that sellers complete a property disclosure form that describes the condition of the structure and property. The presence of lead-based paint in homes built before 1978; roof and plumbing leaks; sewage problems; pest infestations such as termites; and wet basements must all be disclosed. Other essential facts include whether or not the property is located in a flood plain or earthquake zone, the presence of underground oil or storage tanks, proximity to airports or industrial property, and whether or not the home is zoned for commercial use. Keep in mind that these items will turn up upon inspection, so disclosing these facts in advance is advisable. You may or may not be asked to remedy these faults before the deal closes.
  
  

Title, Tax and Inspection Documents

• Your home's paperwork must be in order as well. Your title and most recent tax bill should be available for review; you can visit your town clerk to see the papers in person. The town clerk also has any information about liens that have been placed on the home, permits and approvals for work that you completed on the property, and a survey. If you completed a renovation or other significant work and didn't have it inspected, you may be required to have a town safety inspection before you can sell. Town laws vary, so consult with an attorney if you're unsure. It's not uncommon for towns to levy fines against those who performed work without securing approvals and inspections in advance.
  
  

Financial Disclosures

• Do the math to make sure you can afford to sell the home. Sellers are usually responsible for paying the real estate broker fee, and they can charge as much as 6 percent of the home's sale price. You need to pay an attorney as well --- this fee may be greater than $1,000. You may also have to pay conveyance taxes or other taxes. If your home isn't worth enough to cover these costs but you must sell, you may need to consider applying for short-sale approval with your lender. A successful short sale allows you to be released from the deficient balance after a sale occurs.
  
  

Other Items to Consider

• Although it's not a strict requirement, a first-time seller should be prepared to spruce up the appearance of the home before it's listed. Homes that are properly maintained sell faster. Quick fixes include eliminating clutter and debris from the inside and outside and keeping rooms clean and orderly at all times. Also consider giving the front door a fresh coat of paint. Trimming back shrubs from walkways, windows and doors and keeping the lawn neat also present a good appearance. Minimizing personal photos and other effects also helps buyers feel more at home.