When you are planning to buy a home, there are certain things that you need to have in place before beginning the process. When you are sure of what you want to make sure that the process contuse well. Buying a home is a serious investment, and therefore you must make sure you follow the process well. As a buyer you need to make sure that you have all the necessary documents in place to ensure you are secure. The whole transaction must be done using legal means. The purpose of this article is to ensure you have the right knowledge of all the documents that you need.
One of the documents that you need for the transaction is the sales Contract. The purpose of the sales contract is to set the terms and conditions of the sale. The papers will serve as the offer for purchase. This document cam also is called the purchase agreement. The paper serves as a guideline to the purchase the person selling as well as the attorney managing the sale. The document helps in listing all the conditions that must be met before the transaction is over.
At the same time you must make sure that the seller has a title document. The seller must give a clear title so that the sale can be completed without any complex processes. You also need an insurance known as the owner’s policy. The policy covers the buyer in case issues about the title come up. You could face some issues like the errors or some omissions on deeds.
Also it is vital for you have a disclosure document. The seller must let the buyer now some of the defects brought by the surroundings or nature before handing over the title. It is also paramount for the seller to disclose whether there is anyone how may have died inside the property within the past three years. The seller must also declare whether they have knowledge of any lead paint in the house. The buyer should be given time to inspect the house about lead.
After dealing with all the said documents it is essential now to think about the loan documents. The lenders have separate requirements about the income and assets as well as credit report. Also identification documents are vital before continuing with the transactions. What the loan processor needs is the social security number or the tax identification number or the national identification card. Something else that you need is to sign a promissory note with the lender. For you to complete the transaction you must have all those documents in place. The loan processing cannot take place unless you are sure of having all the said documents.