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List of Key Documents to have with you when Buying or Selling a Home

Home Buyers  \  February 19, 2016 10:00 am

Oh the joys of paperwork! When it comes to buying or a selling a home, paperwork one of those unavoidable tasks that plague both buyers and sellers. Today we are going to go through the list of those required documents that you may be asked for when buying or selling a home.

Keep in mind, these are just some of the most common docs requested. Different states may require additional state-specific certification letters in areas prone to disasters like hurricanes and the like. Additionally, VA loans require different sets of documents so while this list will prepare buyers/sellers for the most commonly requested docs, your individual situation may dictate the precise list.  If you’re not sure, just talk to your real estate agent or lender about any unknowns.

W2s and 1099s 
Typically two years are required.

Recent paychecks 
Recent paycheck stubs show proof of employment.

Gift letter 
If you receive an inheritance or your family is gifting you money for a downpayment a gift letter made out to your mortgage company may be required. This letter simply states the money given to you was a gift, not a loan.

Proof of any debts 
Student loan statements, credit card statements, child support agreements and the like.

Bank statements 
Required per the USA Patriot Act

mortgage-approved-thompson-kaneRecords of additional assets 
Mutual fund statements or record of other property you may own.

Copy of your driver’s license 
This applies for both buyers and sellers.

Copy of pre-approval letter 
The pre-approval letter provides proof of one’s “buying power”.

Purchase & sale (P&S) agreement 
This is the big contract, make sure you have your legal advisor look it over before you sign and always keep a copy.

Amendments 
This is any changes that are made to the contract after signing. An example is if the seller agrees to do certain repairs. Make sure you have a written copy of all amendments.

Proof of insurance 
Some lenders require proof of home insurance, even possibly flood or hazard insurance from the buyer. Bring you policies with you!

Mortgage-calculatoCertification letters 
This includes clean inspection letters (example: termite letters).

Proof of payoffs 
If any outstanding debts tied to the home equity loan exist, the seller must take care of these and provide proof before the home can sell.

Lead paint letter 
If the home was built before 1978, it’s federal law that a lead paint disclosure be given to the buyer.

Condo association docs 
Basically this details the condo association agreement and any dues outstanding or proof that they were paid.

Property survey 
Even if the lender requires a new property survey be done it’s always handy to keep these documents close by.

Property tax receipts 
Sellers should keep copies of any property taxes paid, especially if paid in the weeks prior to selling the home.

Power of attorney 
For sellers who are not going to be physically present at close, a power of attorney is required for anyone negotiating on behalf of the seller.

If you have any questions about what documents you need to have on hand, just contact us  here at Lendem Financial & Co  We’re here to help!

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