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Documents Necessary For Real Estate Purchase

Author: Rick Lopez
by Rick Lopez
Posted: Sep 30, 2022

Do you want to buy Sault Ste Marie real estate? The purchase of real estate involves proper documentation and paperwork, so as to make the process foolproof. It is essential to have all the important documents in place so as to make the transaction of the property easy between the seller and the buyer, and make it valid from the legal perspective.

There are various papers involved in a real estate transaction. Know about some of the most important documents that are necessary for real estate purchase process.

1. Real Estate Purchase Agreement (REPA)

A REPA is a contract between buyer and seller that outlines the terms of the sale. It includes everything from price to closing date and even specifies what happens if either party fails to fulfill their obligations under the agreement. A REPA may be signed before or after a property inspection.

2. Title Commitment Letter

The title commitment letter is a document that details the condition of the title to the property being sold. If the seller does not own a clear title, he needs to provide a title commitment letter stating how much money is owed on the property and whether he has any liens placed on the property.

3. Property Inspection Report

Before the seller accepts the offer, he should request a property inspection report. This report shows the current condition of the Sudbury real estate that is supposed to be purchased and gives the buyer an idea of what improvements need to be done before moving in.

4. Residential Purchase Contract

Once the buyer and seller agree on a price, they should sign a residential purchase contract. This contract states the conditions of the sale, including who pays for what items, what happens if something goes wrong, and any contingencies involved.

5. Closing Statement

This is the final document that is needed.After the buyer receives the keys to his new home, he should receive a closing statement. This statement lists all of the payments made by both parties throughout the transaction and calculates the final amount due at the time of signing.

Author Resource:-

Rick advises people about real estate, property investment and affordable housing schemes. You can find his thoughts at homes for sale Ontario blog.

About the Author

Rick advises people on apartments, homes and latest trends in real estate.

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Author: Rick Lopez

Rick Lopez

Member since: Dec 05, 2017
Published articles: 66

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