Congratulations. You have successfully closed your new house deal!

… Now what?

Home buyers typically sign mountains of papers to close in a new home.

By now you should know the contract with the most number of pages is the loan document – which usually lead up to 100 pages in total. Sometimes they’re even more.

Crazy, right?

The interesting part of it is, these literal piles of papers does not offer much benefit to the buyer. Even if they would all have to end up in your storage and consume a substantial amount of room.

We know what you’re thinking: Do I even need to keep all the paperwork after a house deal?

Mainly, the documents are for your benefits as future reference.

In events that you may need to file a claim whether against the seller, your representation team, or contractors, it is important to keep files for review.

Keep things clear. Here are the 14 types of documents you must keep after closing in a house deal:

  1. Purchase Agreement

Is the contract of the home including all the terms and conditions required after closing. All participating parties must sign this agreement.

  1. Seller Disclosures

All written warrantees, guarantees, or disclosure about the home that the seller is required to provide. This may or may not be applicable, as it depends on various states to require a seller. See Florida’s Home Seller disclosure here.

  1. Addendums, Amendments, or Riders

Stated here are the factors that could alter the terms of your purchase. This document includes coverage on any amendments on the names on the title, correction on the street address, etc.

  1. Requests for Repair

This covers all agreed monetary agreements to repair house items. This must include the specific type of work and the actions required per repair requests.

  1. Home Inspection

The summary of the inspector’s findings which points out the good conditions of the house and those needing repairs through photos. May or may not be a digital file.

  1. Pest Inspection Certificate

This certification is a proof of a pest inspection.

  1. Escrow Instructions

May or may not be available, depending on the contract. It authorizes the escrow to perform specific acts on behalf of parties involved.

  1. Other Inspection and Work Documents

Any other documents of the inspection or work performance. May include contractor invoices and permits.

  1. Closing Disclosure

Includes all complex estimated costs upon disclosure.

  1. Home Warranty

Includes policy numbers for repair. May outline the deals covered under home warranty plan and specify things that are not.

  1. Mortgage and Promissory Note

The mortgage shows your monetary balance and the terms of your loan with the lender. Promissory notes are not recorded and the original note, if any, may not be released until paid in full.

  1. Insurance Policy

Covers the terms, conditions, premium notice, and policy number for your insurance.

  1. Estimated Closing Statement

The very final estimates of your all charges and credits, above the closing disclosure. Typically includes the sales price, loan amount, and other costs covered.

  1. Title Policy

Completes your vesting, monetary value of title insurance, and exceptions to coverage.

 

We understand how complex and bothersome it is to buy a home. But all the effort will be worth it when moving in your new home.

Remember:

  • Keep the fully executed documents with all parties’ signatures. Consider keeping these for a few years until selling your home. Indefinitely for those who plans not to.
  • Real Estate Brokers are required to keep transaction documents for each buyer and seller. Closing documents, on the other hand, are kept by your closing agent, lawyer, or escrow officer.
  • The deed and mortgage documents are both public records so you can always grab a copy from the county recorder’s office.

Hopefully, this list could help you organize your files better after closing in a house deal and know which documents are to be kept from those that aren’t.

Buy Like Rent is a Real Estate Agency based in Florida with an experience for over 50 years in rent-to-own, buy and sell, property investment, real estate brokerage, and mortgage banking operation services.

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