Just Closed a Real Estate Deal? Make Sure to Keep These Documents

There is a lot of paperwork associated with buying a home. But out of all that paperwork, which documents do you actually have to keep?

A recent article from realtor.com outlined key documents you’ll want to keep on hand during and after your home purchase, including:

Buyer’s agent agreement. Your buyer’s agent agreement outlines the details of your working relationship with your real estate agent, including details like the length of your engagement and who is responsible for paying the buyer’s fees—and you’ll want to have this document on hand in case you run into any agent-related issues once you’ve officially purchased a home.

Seller disclosures. Sellers are legally required to disclose certain home-related issues that could impact the sale of a property, like renovations that were done without a permit or potential health issues like lead-based paint. You’ll want to file any seller disclosures after you purchase the home; if you run into an issue with the home later on—and the seller was aware of the issue and didn’t disclose it—you’ll need this document for any potential lawsuits or legal action.

Property deed. The property deed is a document that confirms who legally owns a property—and, as a homeowner, it’s your proof that you’re the legal owner of your home. Because the property deed is sent directly to the buyer, the mortgage company and/or title company aren’t required to keep a copy of it, so you’ll want to make sure to keep it as proof of ownership.

Buyers To Sellers...TAKE MY MONEY!

When you sell your home, you want to make sure you’re getting the best price for your property. The best way to do that is to sell when demand is high and supply is low. And if you look at supply and demand, there’s never been a better time to sell your home.

According to the most recent Home Price Insights Report from CoreLogic, there are four times as many renters looking to purchase a home in the next twelve months than there are homeowners looking to sell. And as rents continue to rise around the country, the number of renters looking to transition to ownership will only increase.

(According to Realtor.com’s most recent Market Outlook Report from Q4 2017, rents rose in a whopping 78% of counties across the US year-over-year.)

The Takeaway

If you’ve been thinking about selling your home, now is the time to make a move. With so many potential buyers flooding the market, demand has never been higher, and that demand will get you a much higher price for your property.

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