Keep these 6 documents after purchasing your home

Buying a home involves a lot of paperwork, and some of it needs to be safely stored. Here are six documents to keep after closing on the purchase of your home.

1. Buyer’s agent agreement. This document outlines the terms of your relationship with your agent. While these agreements aren’t mandatory, hold on to yours if you signed one. It may help if an issue arises.

2. Purchase agreement. This document outlines the terms and conditions the buyer and seller agree to. Keep it in case the seller fails to fulfill their obligations.

3. Seller disclosure statements. Mandatory everywhere except in New Mexico, these documents reveal problems that could impact the value of the property being sold. They’ll be crucial if you need to file a lawsuit against the seller. Keep in mind that what legally needs to be disclosed will vary depending on where your new home is located.

4. Home inspection report. This document provides detailed notes about the condition of the home. Keep it so that you know what repairs you’ll need to make down the road.

5. Closing disclosure. This document outlines the estimated costs for your mortgage. In addition to being important for future reference, it’s needed for tax purposes.

6. Property deed. This document is signed by you and the seller and transfers the property title over to you. It’s essential to have on hand as it proves you’re the legal homeowner.

Be sure to keep these listed documents and all paperwork pertaining to your homeowner’s insurance. Though documents can be stored digitally, it’s a good idea to also keep paper versions in a fireproof safe or in a safety deposit box at a bank.