Before you decide on buying or selling your property, make sure that you have the following basic documents on hand. Being prepared will save you a lot of time, you can readily start the process of buying or selling once you have these documents with you.
Documents | Buyers | Sellers |
ID (e.g. driver's license, state-issued ID, passport) | Yes | Yes |
Paycheck | Yes. The purchase range is determined, in part, by their income. | Yes-if they are selling short sale. |
Two Months' bank account statements | Yes. The buyers have to prove that they have a regular income to pay for the mortgage. | Yes-if they are selling short sale. |
Two Years' W-2 forms or tax returns | Yes. Lenders want to see a stable, long-term income. | Yes-if they are selling short sale. The sellers have to show that they are suffering from economic hardship. |
Gift Letters | Yes, in case the down payment money was a gift from a relative. | No. |
Quitclaim deed | Yes for married buyers who plan to own as separate property. | Yes for married sellers selling homes that they own separately or joing owners selling their interests separately. |
Divorce Decree | Yes, to prove that they shouldn't be held accountable for their ex's separate debts or credit reports. | Yes, to ensure that the seller has the right to sell. |
Compliance certificate | Sometimes. It depends on the state government. | Yes |
Mortgage Statements | No. | Yes. The escrow holder or title company will need to use them to order pay-off demands from any mortgage holder who has to get paid before the property's title can be transferred. |
Consult with your local Realtor since they are the market expert and can provide both the required listing and selling documents. Realtors are also a valuable resource in connection with lenders, title companies, home inspectors, engineers, and contractors. For further questions regarding specific documents and circumstances, please contact Patrick James.
No comments:
Post a Comment