When you make an offer to buy a new home, you are expected to submit certain documents and paperwork to begin a legal purchase transaction. During your closing, the funds for the purchase will be transferred to the correct party, and you will be asked to sign several legal documents to become the new owner of the property. Depending on what state you live in, the list of documents may vary, but most states require several documents in common.
Purchase and Sale Agreement
When you plan to purchase a home from a seller, most states require you to submit a purchase offer that outlines your purchase terms and any special requests for seller concessions during the sales process. Once your offer to purchase is accepted by the seller, a contract known as a purchase and sale agreement is drawn up. The purchase and sale agreement typically includes all the details of the purchase, including the names of all buyers and sellers, the total purchase price, the commission payable to the real estate agent, and the requested closing date. The purchase and sale agreement is used to secure financing from the mortgage company, and it is submitted as part of the closing paperwork.
Lead Paint Disclosure
The U.S. Legal Forms website indicates most states require a lead paint disclosure notice to be included in the legal forms required to buy a house. Even if there is no known instance of lead paint associated with the property, the lead paint disclosure should state that there is a possibility for the presence of lead paint in any home built prior to the year 1978. In most states, the seller is also required by law to provide full written disclosure if there is a known instance of lead paint present anywhere inside or outside the property.
When you meet with the closing agent to sign the final closing documents on a real estate purchase, you will be required to complete a form that provides proof of your identity. You will be asked to show the closing agent an original photo ID, such as a driver's license or passport as well as a Social Security card. You also will be required to sign an affidavit attesting to your full legal name.
In addition to the lead paint disclosures, the seller must furnish any additional disclosures concerning the condition of the home. If any damage has occurred, or if any alterations have been made to the property after the initial purchase offer was accepted, the buyer must be made aware of those changes. It must be disclosed if a death ever occurred in the home. Failure to properly disclose information about a property can provide legal grounds for nullification of the purchase contract in some states.
Sara Melone is a mother of three and a graduate of UNH. With prior careers in insurance and finance, photography, as well as certifications in fitness and nutrition, Melone draws directly from past experience and varying interests. She contributes with equal passion to birth journals, investment blogs, and self-help websites.