What Type Of Documents Should I Be Gathering When Selling My Home?
All real estate transactions require a hefty amount of paperwork, from both the Buyer and the Seller.
For a Seller, the first documents to find and provide to your attorney would be the closing documents from when the property was purchased. This should contain a lot of valuable information – a copy of the Deed of Sale, the current Title Insurance Policy, a marked-up Title Report from the purchase, and/or a Survey or Survey inspection detailing the physical aspects of the property and lot. Copies of these documents can be shared with your attorney and the Buyer’s attorney. These documents are customarily shared as a courtesy. The title insurance policy and any existing survey or survey inspection are the most important documents to locate and share with the Purchaser.
If you are selling a cooperative apartment or condominium unit, you will need to provide the Purchaser with financial statements, rules and regulations, and other documents specific to these multi-unit properties.
The Buyer’s attorney will conduct additional research and exercise scrutiny by ordering a Title Report (or Lien Search for a coop unit). The title search and title report will search the public record for any documents and information pertaining to the property and most of the time the title report will include municipal searches to ensure the property has the required building department approvals. As a Seller, you will be obligated under the standard residential contract to provide Certificates of Compliance or Completion for all structures or improvements on the property or proof that no such certificate is required. Therefore, it is a great idea to be ahead of the game and check with the local building department yourself. They can provide you with copies of Certificates of Occupancy detailing the property’s intended and permitted usage – single or 2 or 3 family home, etc. – and can confirm whether any building permits, closed or open, exist for that property. Having this knowledge in advance can be super helpful, particularly in cases where a Title Report is likely to reveal any work done without the proper municipal oversight. Ideally, if you know what is coming you can be proactive in addressing the issues that need to be resolved prior to the closing.
For more information on Documents Required When Selling A Home, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (800) 619-3570 today.
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