Registering the Agreement for Sale is essential because it creates a legally binding record of the terms and conditions under which the property will eventually change hands. This registration helps protect both the seller and the buyer by ensuring transparency and reducing the likelihood of disputes. It also provides public notice of the seller’s commitment, which can be critical for enforcing the contract if issues arise later on.

For a smooth transaction, sellers should provide key documents, including:

• Property Deed and Title Report: Verifies ownership and confirms a clear title.

• Recent Property Tax Statements: Shows up-to-date tax information and any outstanding taxes.

• Mortgage Payoff Statement: (If applicable) Outlines the remaining balance to be cleared at closing.

• Seller Disclosures and Inspection Reports: Provides transparency about the property’s condition and any known issues.

• Homeowners Association (HOA) Documents: (If applicable) Includes rules, fees, and meeting minutes.

Having these documents readily available helps us assess the property’s status quickly and efficiently.

To qualify for capital gains tax exemptions on the sale of your primary residence, you typically must:

• Ownership and Use: Have owned and lived in the property as your main home for at least two out of the five years before the sale.

• Section 121 Exclusion: For single filers, up to $250,000 of gain can be excluded; for married couples filing jointly, up to $500,000.

• Maintain Proper Records: Keep detailed documentation of the original purchase price and any capital improvements to accurately adjust your basis.