Legal & Paperwork Help
Cut through the confusion—understand the documents, terms, and checks that make your dream home a done deal
Essential Documents Explained
There are many documents need in the process of purchasing a home. Those documents include but are not limited to: ID & SS card, Bank statements, two months of paystubs, 1099 statements two years (if self-employed) two years of W2s, proof of additional income ( child support, alimony, pension, disability, bonuses etc.) credit reports, employment verification, purchase agreement, sellers disclosures, HOA documents, Pre-approval letter, Homeowner's insurance, Title insurance policy, appraisal/inspection reports etc.
Its main purpose is to ensure that the seller has clear, legal ownership and the right to transfer the property. and to identify any problems that could affect your ownership. Checks chain of title, history of owners, liens (mortgage, mechanics, tax, judgement etc), easements to let you know who has rights to your property, encroachments (structure that cross your boundary lines.) Pending legal actions (foreclosures, bankruptcies, probate.) Confirms legal description and past title claims
Title Search & Insurance
Closing Costs Demystified
There are costs that you should be aware of when buying a home. These costs include but not limited to: loan origination fees, credit report fees, underwriting fees, prepaid interest fees, title & escrow fees recording/transfer fees, appraisal/inspection fees property taxes, homeowner's insurance, mortgage insurance, HOA transfer fees, Notary fees, real estate commission fees. You should be given a list of all your fees in loan estimates and/or closing disclosure.
These are some of the legal pitfalls you should avoid when buying a home. Clouded titles (Unresolved liens, claims could jeopardize ownership), insufficient contract protections, undisclosed defects, boundary/site issues, zoning/land use restrictions, HOA rules and risks, financial/loan fraud, failure to insure properly, missing deadlines, POA, Trust/Inheritance complexities and wire fraud.
Legal Pitfalls to Avoid