Buying or selling a home comes with a wide array of tasks to take care of, and the paperwork involved can easily become overwhelming if this is your first time. From gathering financial records for your lender to putting your signature on important legal documents, you’ll be handling paperwork several times over the course of the buying or selling process, so it’s crucial to keep things organized in order to ensure a smooth transaction.
It’s also important to look for resources that will help you keep track of important deadlines, share documents, and secure everything you need for your real estate transaction. Start by figuring out exactly how much you can afford to spend on a new property and gather all the information you’ll need to secure a loan or get your finances in order.
Use these steps to get started with organizing your real estate paperwork.
Learn all you can about the mortgage process
Securing a home loan is a major step that requires a lot of information for the lender, so it’s important that you understand exactly how the process works. While using a mortgage calculator online will give you a broad idea of how much you can afford, it’s still imperative that you go through your financial records and figure out where you stand so you can get a clearer picture of what your budget will be. Gathering tax records, pay stubs, bank statements, and anything related to your credit history will allow your lender to see what your needs are and make a quick decision. If necessary, you can also start looking for ways to boost your numbers.
Get together the right paperwork for selling your home
Sellers also have quite a bit of paperwork to handle and organize, including mortgage documents, the deed, property tax and insurance information, and anything related to inspections or appraisals. It’s also helpful to gather receipts or other documentation showing any repairs, updates, or renovations that have been made to the property. Not only is this helpful for the buyers, it could potentially up the sale price if the changes added to the value of the home. Once a sale is made, you can also collect any paperwork that goes with appliances, such as repair manuals or warranty info. This might include things like the garage door, the HVAC unit, or the hot water heater.
Use digital tools for signatures and organization
No matter what kind of documents you need to keep track of, you can rest assured that there are digital tools to help with organization. Look for a signature app that allows you to sign and share documents confidentially and with ease, no matter where you are. You can also use a tool to help you split a PDF into separate files. All you have to do is upload the file you’d like to split and let the software handle the rest (try this tool if you’re looking for a good PDF splitter).
Set up a filing system for your documents
Once you’re in your new place, you’ll need to set up an organized system for all the new paperwork, manuals, property info, legal documents, and warranty information. While some of this can be digitized, you may want to keep physical copies too, and the best way to do that is to keep it all well-organized in a filing system, either in your home office or in an accordion folder that can be kept in a secure spot. Have an extra drawer in the kitchen? Keep copies of the user manuals for your appliances handy, so you can easily find them.
Keeping your paperwork safe and easily accessible is important when buying or selling a home, and the good news is you can use digital organizational tools to do just that. Do your research in the beginning to learn more about the mortgage process, so you’ll understand exactly which documents are required.
Have questions for the team at Lotus Estate Properties? Reach out today.
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