Documents to keep after Buying a home
There are a number of seller and province-required disclosures and inspection reports in addition to the initial home purchase offer. Does a buyer need to keep each and every document involved in buying a home? Do you need the original documents or are photocopies enough.
It’s no wonder that home buyers can be confused because of the paperwork involved in every transaction. Here is a look at the documents you should keep.
Title to the house (Original)
The most important closing document, it is the transfer of title to real estate from one person to another. And contains how you hold title, the name of the sellers giving you title and the property’s legal description.
Statement of Adjustments (Original)
Contains all the official charges and credits of your home purchase.
Purchase Agreement (Photocopy)
Agreement/Contract between buyer and seller defining the terms and conditions of the sale.
Amendments and/or Addendums (Photocopy)
Any amendments or additions to the Purchase agreement.
Seller Disclosures (Photocopy)
Written disclosures, warranties or guaranties provided by the seller.
Home Inspection Report (Photocopy)
Detailed home inspection report pointing out items that are in good condition and those in need of repair or replacement.
Home Warranty Plans (Photocopy)
Includes the policy number and contact information for repair calls. Also outlines what is covered under a home warranty plan.
Mortgage and note (Photocopy)
Indicates the legal and repayment terms of your mortgage.
Insurance Policy (Photocopy)
Lists the policy number, terms, conditions and premium notice of your home owner’s insurance.
Maintain a completed file after closing on your home. Collect copies of every document that was signed during your transaction with the seller. And ensure that you have fully executed documents with all parties’ signatures.