Our Beautiful House
  • Home
  • Decorate
    Decorate
    Show More
    Top News
    Do’s and Don’ts of a Kitchen Remodel
    May 22, 2022
    Beautiful Homes That Are as Functional and Comfortable
    October 14, 2020
    13 Creative Uses for Contact Paper or Peel-and-Stick Wallpaper
    December 3, 2020
    Latest News
    Just What Exactly Is Contemporary Design?
    December 8, 2022
    Contemporary Design Style And The Essentials To Master It
    November 22, 2022
    9 Popular Bedroom Flooring Settings to Consider
    November 21, 2022
    How to Build a DIY Breakfast Nook
    November 16, 2022
  • Rooms
    Rooms
    Show More
    Top News
    9 Popular Bedroom Flooring Settings to Consider
    November 21, 2022
    Working from Home: 10 Luxurious Offices and Studies
    September 14, 2020
    Living Room Design Trends
    November 5, 2020
    Latest News
    9 Popular Bedroom Flooring Settings to Consider
    November 21, 2022
    How to Choose the Best Garage Floor Tiles
    November 21, 2022
    Simple Steps of Kitchen Remodeling
    November 21, 2022
    Bedroom Ideas for Sophisticated Design Lovers
    November 11, 2022
  • Outdoor
    Outdoor
    Show More
    Top News
    Concrete Landscaping Ideas
    April 18, 2022
    Did You Know Miami Has a Vegan Food Hall? Neither Did We
    May 9, 2020
    Tips for Staging with Plants
    June 13, 2022
    Latest News
    5 Best DIY Landscaping Ideas
    November 22, 2022
    15 Fun Backyard Ideas That Kids Will Surely Enjoy
    November 14, 2022
    25 Chic Modern Outdoor Furniture Ideas
    November 7, 2022
    Small deck ideas: 31 budget decking designs for tiny gardens
    October 18, 2022
  • Lifestyle
    Lifestyle
    Show More
    Top News
    50% of Miami International Airport Passengers Likely To Return in 2020
    October 5, 2020
    5 Cool Home Tech Gadgets
    June 3, 2022
    Pérez Art Museum Miami Hails its Educational Efforts
    September 22, 2019
    Latest News
    The 6 Worst Types of Clutter for Homeowners
    December 5, 2022
    12 Hidden Storage Ideas for Combating Clutter
    November 21, 2022
    15 Fun Backyard Ideas That Kids Will Surely Enjoy
    November 14, 2022
    10 Ways to Let Go of Sentimental Clutter
    October 18, 2022
  • Real Estate
    Real Estate
    Show More
    Top News
    FHA and VA Loans Might Put Ownership in Reach
    June 9, 2020
    Seller Advice: Changing Real Estate Agents
    June 4, 2020
    6 Home Trends Buyers Love
    August 11, 2020
    Latest News
    Homebuyers Avoid Bidding Wars. Should You?
    September 13, 2022
    10 Questions Every Homeowner Should be Asking
    September 11, 2022
    6 Ways on How To Invest in Real Estate
    September 6, 2022
    Are You Being Represented by a “Yes-Agent”?
    August 9, 2022
  • Contact
Reading: Which Real Estate Documents Should You Keep After Closing?
Share
Notification Show More
Latest News
Just What Exactly Is Contemporary Design?
Decorate
The 6 Worst Types of Clutter for Homeowners
Organization
Contemporary Design Style And The Essentials To Master It
Decorate
5 Best DIY Landscaping Ideas
Gardening
12 Hidden Storage Ideas for Combating Clutter
Organization
Aa
Our Beautiful House
Aa
Search
  • Home
  • Decorate
  • Rooms
  • Outdoor
  • Lifestyle
  • Real Estate
  • Contact
Follow US
  • Blog
  • Complaint
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Our Beautiful House > Blog > Real Estate > Buyer Guide > Moving and Owning > Which Real Estate Documents Should You Keep After Closing?
Buyer GuideGuidesMoving and Owning

Which Real Estate Documents Should You Keep After Closing?

Last updated: 2020/04/30 at 12:49 PM
By Stefan #TheListingBroker - Real Estate
Share
7 Min Read
SHARE

When you purchase a home, you need to sign an enormous pile of mortgage and closing documents, where each document can total hundreds of pages or more. The huge dilemma: they will likely take up a huge part of your storage space, so you may not want to file all of it. However, you also don’t want to throw out or destroy something crucial. 

Still, it’s important to keep these documents on hand after closing on your home for future reference. You may need them later on in the event that you need to file a claim, either against the seller or any professional from your home buying team (hopefully, that won’t happen). Your closing company will also keep a record of your closing documents, but it’s wiser to keep them handy while you’re residing in the home and when you’re preparing to sell it.

Here’s a list of real estate documents you should keep filed in a safe and accessible place:

1. Purchase Agreement.

The real estate purchase agreement is a legally binding contract signed by both the buyer and seller. It sets forth all the terms and conditions for the home purchase, including the purchase price, closing date, essential rights and conditions, and other terms agreed upon by both parties. 

The provisions stated in this bilateral agreement must be followed and there could be legal ramifications if the buyer or seller fails to fulfill the duties indicated in the document.

2. Agenda, Amendments or Riders.

These are documents that alter or amend the terms of your signed purchase contract, and they’re worth keeping since they are often related to home inspections or appraisals. These documents could clarify any issues you may encounter down the road or correct any clerical mistakes related to the seller’s or buyer’s name.

3. Buyer’s Agent Agreement.

This is the contract you signed when you hire a real estate agent to represent you in your home purchase. This agreement is between you and the brokerage and outlines the terms of the relationship with your agent. It details what services your agent agreed to provide you with, as well as the terms of terminating the agreement. The contract also spells out who pays for the commission which, in most cases, is handled by the seller. Make sure to keep this document just in case you encounter an issue with your real estate agent even after the transaction closes.

4. Seller Disclosures.

Sellers are required by law to disclose certain issues with the home to their potential buyers. It is known as the “caveat emptor,” a general rule in buying and selling real estate which means “let the buyer beware.” Disclosure regulations vary by state and issues may include asbestos, lead-based paint, pest manifestations, mold, and repairs done without a permit.

The seller’s failure to disclose these issues in accordance with government or state laws can be a basis for future lawsuits against them. Make sure that you won’t lose them so that in case a major problem comes up with your home after you move in, you won’t have trouble holding the seller accountable.

5. Home Inspection Report.

This detailed document produced by your home inspector shows the condition of the home and its potential problems. It’s an itemized list of the inspector’s findings, highlighting which parts of the home are still in good condition and which are in need of repair or replacement. It should also include photos of the property’s problem areas. Storing this report will help you in planning the repairs you need to make in the future. If you have a digital file of the report, copy it in cloud-based storage so you’ll have a backup.

6. Closing Disclosure.

The closing disclosure is provided by the mortgage lender to a borrower at least three business days before settlement. It includes all the things related to your mortgage loan, such as the loan term (whether it’s for 15 or 30 years), loan type (if it’s a fixed-rate or adjustable-rate mortgage), the interest rates, and all the estimated costs associated with closing and your mortgage. It’s an important document that you’ll need when you file your taxes to get deductions for things like mortgage points.

7. Homeowner’s Insurance Policy.

Your policy includes all the terms, conditions, premium notice, and policy number for your homeowner’s insurance. Keep these documents on hand and remember to update them regularly to make sure you have all the right policy types and the appropriate amount of coverage in case of natural disasters like fire, hurricane, floods, or an earthquake.

8. Title Insurance Policy.

Title insurance offers protection against any defects with the title, legal ownership status, or any competing claims to a home. Your owner’s title insurance policy will cover any financial loss in case someone tries to claim the property and wants to settle the case in the court of law, or if there are existing property liens for delinquent taxes and other debts incurred by the former homeowners.

9. Property Deed.

The property deed is a legal document that confirms your ownership rights to the home. It’s proof you can show to anyone that you now hold the title and you legally own the home you’re residing in. Typically, the property deed is sent to you after the title transfer documents are recorded in your county’s public records office. Make sure to secure the physical document because before the deed is mailed to you, neither the mortgage lender nor the title company is required to keep a copy of it.

Credit: LFR

TAGGED: agent, agreement, closing, disclosure, documents, inspection
Stefan #TheListingBroker - Real Estate April 30, 2020
Share this Article
Facebook Twitter Email Print
How you feel with this article?
Love0
Happy0
Surprise0
Wink0
Sleepy0
Sad0
Angry0
Leave a review Leave a review

Leave a review Cancel reply

Your email address will not be published. Required fields are marked *

Please select a rating!

Our Beautiful House 

  • Home
  • Decorate
  • Rooms
  • Outdoor
  • Lifestyle
  • Real Estate
  • Contact
Subscribe to Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

I have read and agree to the terms & conditions

Find Us on Socials

© 2022 by #TheListingBroker. All Rights Reserved.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?