What legal documents do I need when buying a property?

Essential Legal Documents When Buying a Property:

1. Purchase Agreement:

   This document outlines the terms and conditions of the sale, including the purchase price, payment terms, closing date, and other specific details.

2. Title Deed:

   This document, often prepared by a title company, is a legal document that proves ownership of the property.

3. Property Disclosure Statement:

   This document is required by law and is prepared by the seller to disclose any known defects or issues with the property, such as zoning violations or environmental hazards.

4. Mortgage Documents:

   If you are taking out a mortgage to finance the purchase of the property, several legal documents will be required, including a promissory note, mortgage agreement, and truth-in-lending statement.

5. Homeowner's Insurance Policy:

   This document is required by mortgage companies and is recommended for any homeowner to protect against financial loss due to damage or liability.

6. Closing Statement:

   This document summarizes the financial aspects of the transaction, including the final purchase price, closing costs, and any taxes or fees due at closing.

It is important to review and understand each of these documents thoroughly before signing. If you are unsure about any of the terms or conditions, seek legal advice from a licensed attorney. Additionally, it may be wise to have an independent property inspection performed to identify any potential issues with the property before closing.