Important Documents for the Homebuyer or Owner

Buying a home comes with a lot of paperwork. Of the seemingly endless pieces of paper that you will receive, here are the most important ones to look for:

The document that outlines your agreement with your realtor is the Buyer’s Agent Agreement. You should keep it handy, so that you know what services you are entitled to from the realtor who is guiding you through the home buying process.

Once you make an offer on a house, you should receive a copy of the Purchase Agreement. This document outlines the terms, such as: price, closing date, and any other provisions. Make sure it is accurate and handy. Any amendments or riders that make changes to the initial purchase agreement should also be kept accessible.

The seller is required to sign and provide certain disclosures, such as noise level and lead-based paint. Your realtor will be able to tell you exactly which disclosures are required in your state. A Home Inspection Report, completed by a licensed home inspector, will tell you any issues that the home may have. It can be used in negotiating a lower price or adding amendments to the purchase contract.

Another important document to hang onto is the Closing Disclosure, or CD, that you will receive once you actually purchase the home. In it is an itemized list of all costs associated with the purchase, including the mortgage, insurance, and legal fees. You will need it come tax time, as well as when you eventually sell the home.

A Title Insurance Policy is exactly what it sounds like—insurance for the title, or ownership, of the home. It protects you in case anyone else comes out of the woodworking claiming ownership. Keep it with your other insurance paperwork.

Finally, once you become the owner of your new home, you will receive the Official Property Deed. This document shows that you are the legal owner and is one of the most important real estate documents that you have.