After you are done with the successful home closing, you must always be wondering which documents which you keep and which you can ignore. In regular home buying process, the home buyers need to sign plenty of documents to buy a home.
There can be loan documents which are more than a hundred pages, and buyer needs to sign them, but most of those loan documents are not meant for the buyer’s benefit, in fact, are very helpful for the lenders so that they can avoid the future lawsuit. It is also possible there is an enormous number of documents, and you do not have sufficient space in your room to store them.
As a home buyer, you are also be thinking which documents and paperwork you should keep with yourself and which you can neglect. Should you start worrying about all the original paperwork, owner’s policy, deeds, affidavits, etc., as you might not sure which document may be required in the future.
The simple answer to this is that you should always maintain the completed documents files after the closing of your home. This file would contain the copies of every document which you have signed during business transactions with the home seller. Most of the times you don’t need the original copies of these documents, but you should always maintain fully executed documents having signatures of all the parties involved in the home buying process.
You should preserve these documents with you safely until you have planned to sell the home which you have purchased, and in case you are not planning to sell your home then you should keep them with you always.
You can anytime request your real estate broker to have the copy of all the required documents during the home buying transactions, and it is mandatory for the real estate brokers to keep the copy of all the documents in the form of a file of each buyer and seller. But also the closing documents are with the closing agent, lawyer or escrow officer, these documents are a little bit different than regular home buying process documents.
You can always get the copy of deed and mortgage documents as they are filed with the county recorder and becomes a public record.
List Of The Closing Documents Which You Must Keep After Home Closing
In further you will find the list of the documents which you should keep with yourself after the home closing. These documents will be helpful for all your future references or in the case you want to file the claim, which can be either against the seller, your team of professional representation or contractors.
This is the contract to buy the home, which sets all the required terms & conditions for closing. Purchase Agreement is signed by all the parties when you opt to buy the new home.
Addendums, Amendments Or Rider Documents: Any reason which alters or amend the terms of your purchase contract comes under this documentation. This documents should clarify the name of the title, sometimes spelling of the seller or buyers name or also the correct address of the home which you have bought or the property involved in the transactions.
These are the documents involved with any monetary agreements or repair work. In general sense, the repair addendum clarifies the particular type of work and also able to mention whether the repair work needs any permit or performed by the licensed contractor.
These type of documents includes material facts, lead-based paint, transfer disclosure statement, and many other written guarantees and warranties which are provided by the seller of the home. These document can be the basis if you want to file the lawsuit against the seller.
Escrow Documents, If Any:
This document explains the terms and conditions between the seller and buyer but most of the times supersede. It enables the parties to perform the specified escrows.
These documents contain the summary what home inspector have found out which includes how many and what items are in good condition and which items need repair work or maybe a replacement.
Pest Inspection And Completion Certificate:
You can always have the copy of the report generated by pest inspection company and certification of the whole completed task.
Other Work-Related Documents & Inspections:
You should also have the copy of other work-related inspections, that was performed. These documents can include the invoices and other related permits.
Warranty Plans For The Home:
This includes the policy number and the information for the repair calls. This document also outlined what is included in home warranty plan and the things which are not covered. You should study it carefully and would be surprised after knowing what are things which are not covered.
It includes what is your estimated costs, but these are displayed in such a manner that it will be difficult for you to understand. Government always try to make it simple for you and if you are still having the difficulties you can always ask for the fees which are not clear to your understanding.
Estimated Closing Statement:
This includes final estimate including all the charges for buying the home. It includes the sale price, you are close for escrow, your loan amount, and all the related cost paid through escrow to settle the transaction, which also includes credits and prorations.
Promissory Note & Mortgage:
Most of the times this is not recorded, and you won’t receive it until you make the full payment. The mortgage will display with your principal balance and the loan terms required by the lender.
Insurance Policy: It contains all the detailed information about the insurance and other related policies.
Title Policy: Includes your vesting, total amount of your title insurance, and coverage expectations. It also contains the name of the title company, insurance date, and policy number.
Originals Closing Documents Which You Should Keep With Yourself
In case if you lose any of the documents mentions above you can always have their copy from your real estate agent or the closing agent.
Below are few documents which you should always keep you in original:
Closing Statement: This contains all the formal charges and credits includes in your home purchase. You will need this to file your taxes because there may always be some items which are tax deductible.
Deed: This is is the title transfer document which was returned to you after placed it in public records. It includes the information about how you hold the title, the name of the seller who has given you the title and all the legal description of the property.