Real Estate Sales Validation Form
Definition and meaning
The Real Estate Sales Validation Form is a legal document that records the transfer of interest in a property from one party to another. This form is crucial in real estate transactions as it provides verification of the sale price or actual value of the property being sold. By completing this form, grantors (sellers) and grantees (buyers) establish an official record of the sale, which may be important for tax purposes and future reference.
How to complete the form
Completing the Real Estate Sales Validation Form involves several key steps:
- Grantor's Information: Enter the full name and mailing address of the grantor, the seller of the property.
- Grantee's Information: Provide the full name and mailing address of the grantee, the buyer of the property.
- Property Address: Specify the physical address of the property being sold.
- Date of Sale: Indicate the date the property was sold.
- Total Purchase Price or Actual Value: Fill in the total amount paid for the property or its assessed market value, as applicable.
- Supporting Documents: Check one box to indicate the documentary evidence you will provide to verify the stated purchase price or value.
After completing the form, ensure all information is accurate and sign as required.
Key components of the form
The Real Estate Sales Validation Form includes several crucial components:
- Grantor's Name and Address: The seller's identification information.
- Grantee's Name and Address: The buyer's identification information.
- Property Address: The physical location of the property involved in the sale.
- Date of Sale: The specific date on which the sale occurs.
- Total Purchase Price or Actual Value: The financial details regarding the transaction.
- Documentary Evidence: Options for what proof of value or price will accompany the form.
Who should use this form
The Real Estate Sales Validation Form is intended for use by individuals or parties involved in the sale of real property. Grantors (sellers) who wish to convey their interest in a property to grantees (buyers) should complete this form to formalize the transaction. It is important for both first-time home sellers and experienced real estate investors to ensure compliance with local legal requirements by utilizing this document.
Common mistakes to avoid when using this form
When completing the Real Estate Sales Validation Form, be mindful of the following common mistakes:
- Failing to accurately fill in all required fields, particularly the names and addresses.
- Not providing documentary evidence to support the stated purchase price or value.
- Neglecting to sign and date the form properly.
- Using outdated or incorrect property information, which can lead to legal disputes.
Double-check all entries to avoid these pitfalls.
What documents you may need alongside this one
When submitting the Real Estate Sales Validation Form, it is helpful to have accompanying documents for verification. These may include:
- Bill of Sale: A record of the transaction and its terms.
- Sales Contract: The agreement between the buyer and seller outlining the sale conditions.
- Appraisal Report: An assessment of the property's fair market value from a licensed appraiser.
- Closing Statement: A summary of the final terms and costs related to the sale.
Having these documents ready can help facilitate the validation process.
