If you are planning to buy a house, you need to be ready with the necessary documents to help you through the process. When you are sure of what you want to make sure that the process contuse well. Buying a home is something that cannot be assumed as it is a great investment that needs to be safeguarded in all ways. You as the buyer needs protection and that is why you need to have all the necessary documents. You nee to make sure that you have all the legal documents to help you protect the transaction. The best thing with this article is that it will list all the documents that you need to help you buy the house legally.
One thing that you must make sure you have is the sales contract. The reason of the sales contract is to spell out the terms and the conditions that govern the sale. The papers will serve as the offer for purchase. You can also refer the papers as the purchase agreement. This kind of paper is binding to the seller , the buyer and the attorney. The contract lists all the terms that must be met before the transaction is complete.
You also need a title document. To ensure the transaction is completed in the right way you need to see that the seller has a clear title. Something else that you need is the insurance policy commonly referred to as the owner’s policy. The purpose of the policy is to protect the buyer in case there are issues with the title. You could face some issues like the errors or some omissions on deeds.
Also it is vital for you have a disclosure document. The owner must give the buyer a disclosure on some of the defects caused by natural or environmental hazards. Something else that the seller must disclose is whether they have knowledge of any death that may have occurred in the house within the past three years. Something else that the seller must also disclose is the knowledge of any lead present in the paint. The buyer should be given time to inspect the house about lead.
After dealing with all the above documents the next thing to think about is the loan document. The mortgage lenders will ask for the proof of income, the assets and also the credit report. Also the buyer must provide identification documents. What the loan processor needs is the social security number or the tax identification number or the national identification card. Also the lender will ask you to sign a promissory note. For you to complete the transaction you must have all those documents in place. You will nit get any mortgage before you provide entire list of documents.