When buying or selling a property, there are several legal documents that need to be prepared and executed properly to ensure that the transaction is valid and legally binding. Here are some of the most important legal documents that you need:
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Purchase agreement: This is the contract between the buyer and seller that outlines the terms and conditions of the sale, such as the purchase price, closing date, and any contingencies or conditions that must be met.
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Deed: This is the legal document that transfers ownership of the property from the seller to the buyer. The deed must be signed by both parties and properly recorded with the local county recorder's office.
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Title insurance: This is an insurance policy that protects the buyer against any defects in the title that may arise after the sale, such as liens or other claims against the property.
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Closing statement: This is a detailed breakdown of all the fees and costs associated with the sale, including the purchase price, any closing costs, and any prorated taxes or other expenses.
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Disclosure forms: Both the buyer and seller must disclose any known defects or issues with the property, such as leaks or other structural problems.
It is important to work with a qualified real estate attorney or agent to ensure that all of these documents are properly prepared, reviewed, and executed. Some limitations or exceptions may apply, such as in cases where the property is being sold as-is or in situations where there are liens or other legal encumbrances on the property. If further action is necessary, it may be advisable to seek legal advice from an attorney in your jurisdiction.
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