5 Document Management Strategies For Home Buyers And Sellers

Dated: January 31 2023

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5 Document Management Strategies for Home Buyers and Sellers

The real estate market in the Scottsdale, AZ, area is very competitive - so whether you’re buying or selling a home, you need to stay on top of your responsibilities throughout the entire process. Both home buyers and sellers have to deal with lots of legal and financial documents when engaging in real estate transactions, and if your documents are disorganized, you could hold yourself back from securing a buyer or moving into your dream home.

Dwellings Realty Group is here to help buyers and sellers in the Scottsdale area with all of their real estate questions. Furthermore, these tips will help you manage all of your home-buying or selling documents in an organized fashion.

Applying for a Mortgage

When you apply for a mortgage, you’ll need to hand over lots of information to your lender. First, you’ll have to research different mortgage options, figure out what you can truly afford, and determine how much you’ll have to offer as a down payment. Then, you’ll collect some documents for your lender. You’ll have to share your credit score, proof of your current income and employment status, and the amount you hope to borrow.

Paperwork for Home Buyers

If you’re buying a home, you’ll have specific forms of paperwork to deal with. It’s a good idea to learn which documents you’ll be responsible for in advance so that you can be prepared.LegalNature notes that in addition to your mortgage application documents, you will also need to write up a formal offer for the negotiation process, and you’ll have to hold on to the seller’s counter offer as well, should they provide one. Furthermore, you’ll need to keep a copy of the seller disclosure statement, the home inspection report, and a pest inspection report if appropriate.

 Paperwork for Home Sellers

When you’re selling your home, you’ll also have lots of paperwork on your hands! Sundae states that you will have to produce your own mortgage loan documentation, mandatory disclosures for known issues with the property, the deed to the house, and property tax documentation. You might also need to provide the original sale contract as well as proof of homeowner’s insurance.

Closing Documents

At the closing meeting, both the buyer and seller will need to be ready with specific documents. This includes the closing disclosure, loan application, mortgage note, the mortgage itself, title documents, deed, affidavits, initial escrow disclosure, and the transfer tax declaration. If you’re unsure about any documents you might be missing, take a moment to check in with your real estate agent before your closing date.

Organizing Your Documents

As you can see, you’ll be keeping track of endless paperwork if you’re buying or selling a home!Therefore, you’ll have to keep your physical documents organized. You may want to get a binder with a few dividers, a couple of folders that you can label, or even a small filing cabinet.Furthermore, you’ll also have digital copies of lots of documents. Rather than simply saving them to your laptop, it’s a good idea to upload any digital documents to a cloud-based storage program and categorize them into appropriate folders.

 These documents are best saved as PDFs, which can be combined as needed to keep everything neat and organized. It’s easy to go online to find a free PDF merger, which will allow you to merge documents in five quick and easy steps. When you’re finished with the latest version, you can then store them online or access them via practically any device for quick reference.

Dealing with lots of real estate documents can get messy. Without a clear system for keeping your documents organized, it’s all too easy to lose paperwork that you need to pass on to a lender, real estate agent, home seller, or another party involved in this major transaction. By following these tips, including working with PDFs, you’ll be able to sort out all of your paperwork efficiently, from your mortgage application information to your closing documents.

Ready to buy or sell a home in Scottsdale? Dwellings Realty Group is here for you! Call us today at 480-629-8136 to start the process!

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THE DWELLINGS TEAM - Steve Rundle - Eric Tont - Joshua Roubal - Michael Roubal

The Dwellings Team is comprised of the four owners of Dwellings Realty Group, all family members, and all graduates of The Ohio State University. We want you to know that we haven't forgotten the val....

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