Baker Realty Group Blog

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Important Documents You Should Know about After Purchasing a Land for Sale TX

Thursday, March 10, 2016

 

Now that your offer to buy a land for sale TX has been accepted by the seller, it's time to prepare for the closing day. That means you need to prepare to pay for the property, which is typically through the funding of a lender, and also the transfer of title to you. This could be a time-consuming process, particularly the reviewing and the signing of various documents.

In this post, you'll learn about the different documents you need to review. They are the real estate transfer documents and the home loan documents.

Real Estate Transfer Documents

 

The majority of the documents associated with the transfer of ownership of the property need to be signed by the seller, and shall be delivered to you.

 

The Deed

 

The deed transfers the property from the seller to the buyer. The form and language of this document is in accordance to the state law, but buyers can select the kind of ownership in which the title is taken. It could be in joint tenancy, in trust, or in other tenancies.

 

The Bill of Sale

 

This document transfers all the personal property being sold together with the house, including appliances, air conditioners, furnaces, and so on. This document should list all items to be transferred.

 

The Affidavit of Title

 

This is a notarized statement by the seller confirming ownership of the property, and also describing any known defects in the title, such as liens, leases, or any work on the property that may cause boundary line disputes or liens.

 

Transfer of Tax Declarations

 

It is standard for most countries and states to charge real property transfer taxes and also to require the seller and buyer to sign declarations that disclose the purchase price so that the corresponding tax may be calculated.

 

Home Loan Documents

 

Another set of documents involved in buying homes for sale in TXare home loan documents, which are prepared by the buyer's lender.

 

The Note

 

This serves as evidence of your debt to your lending agency. It contains a description of the loan terms, as well as how the lender will collect the debt.

 

The Mortgage

 

This is your agreement to place the property as collateral for the loan.

 

Loan Application

 

This is a new form that contains all the information you provided the lender with during your initial loan application.

 

Loan Estimate and Closing Disclosure

 

If you applied for a mortgage on or after October 3, 2015, you will receive a "Loan Estimate" and a "Closing Disclosure," as a replacement for the HUD-1 Settlement Statement, the Good Faith Estimate, and the Truth-in-Lending disclosure form, which used to be requirements in mortgage loan closings.

 

If you're about ready to buy a property from the new listing homes in Texas, make sure you hire a real estate agent from the Baker Realty Group, who will guide you throughout the entire process of purchasing a property.

 


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