Residential real estate transactions require significant amounts of paperwork to ensure that both the buyer and seller fully understand the terms of the sale. There are numerous documents needed to sell or purchase a home, and it can often seem overwhelming for first-time buyers.
In this blog, we’d like to go over some key documents that you’ll need during your residential real estate transaction and why they’re important.
- Purchase agreement. A purchase agreement outlines the terms that the buyer and seller agree to before closing day. This document includes factors like price, closing date, and any contingencies determined by the parties. Purchase agreements also outline any previous or existing issues that the buyer needs to be aware of, such as previous flooding damage.
- Deed. The deed signifies who owns a property. All residential real estate transactions culminate in transferring the deed from the seller to the buyer, officially designating the buyer as the new owner of the property. An attorney must be present to examine the document and ensure that all required legal specifications are included.
- Loan documents. These documents are specific to the buyer only. It’s rare for someone to buy a home with cash, and chances are, you’re going to need a loan to cover the cost of the home. There are several different loan documents to be aware of, including promissory notes and disclosures.
We here at Bright Law, PLLC are here to assist you in your residential real estate transactions by providing the necessary legal services involved in the process. Contact us today to learn more or get started.