Documents When Purchasing a House

Real estate transactions are complicated exchanges, and a real estate sale can fall through if you fail to provide the seller, your real estate agent, the closing agent or your lender with the correct documentation. If you finance the purchase of your home, it may take weeks for an underwriter to check through your documentation before approving the loan, but certain documents are necessary even for cash purchase transactions.

Basics

If you decide to work with a real estate agent, you need to sign a contract with the agent prior to making a bid on a home. Agents receive a sales commission that the seller normally pays, so when you sign a contract with an agent, you allow the agent to represent you; that means the seller has a legal obligation to pay the agents' fees. Sellers may require you to produce a mortgage preapproval letter when you submit a bid. If you plan to buy a home with cash, you usually have to provide some evidence that you have the means to buy the home, such as a letter from your bank detailing your assets or a recent bank statement.

Financing

If you plan to finance the purchase of a home, you have to provide your lender with a copy of the sales contract that you drew up with the seller. You also have to sign a federal tax 4506-T form that enables the lender to obtain your tax transcripts for income verification purposes. You must provide your lender with your two most recent pay stubs, two years' worth of W-2s and at least two months' worth of bank statements. If a relative intends to "gift" you funds to cover your down payment, you must give the lender a letter from the relative stating that the funds represent a gift and not a loan. You must also get a quote from a homeowner's insurance company and provide that to your lender.

Optional Documents

Consider paying for an inspection before you make a bid on the property. You may use information detailed in the inspection report to renegotiate the purchase price if the inspection reveals major flaws in the home. Lenders usually require a home appraisal for a new home; you have to pay for the appraisal. However, if the seller has an appraisal on the home that was produced within the last 12 months, you should ask for it your lender may allow you to use it rather than ordering a new one. You should also ask the seller for a copy of the land survey to avoid paying for a new survey.

Closing

At the loan closing, you must identify yourself by providing the closing agent with some form of valid identification, such as a passport or driver's license. The closing agent has to notarize your signature to verify that you signed the documents; the agent can't do this unless you provide valid ID. If you've changed your name at any point, you may have to bring a marriage certificate or other type of document to confirm your name change and your identity. Typically, you also have to bring a certified check to the closing to cover the closing costs. The closing agent produces the real estate transfer documents and, if applicable, the loan documents. Ask for a copy of all of the closing documents to keep for your records.

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