Get to know your home-buying paperwork

Buying a home and fulfilling your cherished dream is great but a lot of paper work has to be taken care of. So you need to get ready for the task and get organized before you sign on the dotted line. Buying a home involves a myriad of documents, meeting many people, carrying out several tasks and to-dos. If you have the cash in hand to go in for an outright property purchase, then a part of your work is already done. However, if you are looking for a mortgage/loan on the property; you have to get your loan file also ready.Get to know your home-buying paperwork

Having a real estate agent working for you will be a huge help .They will take off a huge burden of your shoulders and will guide you all the way. A real estate purchase contract is a legally binding document that details the sail of the property .Details range from Basics that include the cost of property to the specifics like the details about furniture and fixtures. After deciding on the property you desire, take a walk through. Check & recheck, make a note of what is missing and what is required and attach your notifications along with the contract. Gather all your papers, recheck them, take expert advice, see that the title is clear and no other encumbrances are there. Now you are ready to draw up a purchase contract.

Some common items that appear in traditional contract –

1) Buyers and Sellers List

2) LEGAL description of property

3) Purchase price and terms of sale

4) Down payment to be held in escrow and future payment structure.

5) Closing Date

6) Response time frame before contract is void.

7) Any items included in sale like furniture, appliances, flooring

8) Contingency clause

9) Commissions if any.

NOW you are ready to sign the agreement. Get it notarized and registered so you can become the owner of the property. If you are seeking a loan you will require some more papers for your loan. Keep your papers safe, file them , make copies because if you require them then use copies but never hand out the originals.

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