Have you recently bought a home? If so, you should keep yourself informed of real estate law in Sonoma County, and find out which real estate documents are important and need to be retained. It is important to know which papers you need to file, and which ones you can throw away. It is a good idea to retain important real estate documents, in case you need to file a claim against the seller, real estate agent, mortgage lender, or home inspector. Hopefully this might not happen, but it is always smart to be prepared.
Crucial Real Estate Documents You Should Keep
Here is a look at important real estate documents that you should retain in case you need them in the future.
1. Buyer’s Agent Agreement: When you select a real estate agent, one of the first things you need to do is sign a buyer’s agent agreement. This is a contract between you and the brokerage which states that you are represented by the agent in your home purchase. The buyer’s agent agreement outlines the terms of the relationship between you and the agent, including who pays the commission of the agent, the length of the agreement, and the terms for termination of the agreement. You should retain this document as it can play a key role in case of a conflict with your agent after the transaction closes.
2. Real Estate Purchase Agreement: In every home sale, a real estate purchase agreement is the first document you sign. This is a legally binding contract that the sellers and buyers sign to confirm that they have come to an agreement on a certain purchase price, date of closing the sale and other terms. The provisions stated in the purchase agreement need to be followed to the letter. If there is failure to fulfill these duties on the seller’s or your part, you will have to face legal ramifications. Therefore, it is important to retain this document after you have purchased a home.
3. Seller Disclosures: According to real estate law in Sonoma County, sellers are legally required to disclose certain problems that the home might have, so that buyers are aware of those issues that could affect the value of the home. While laws vary from one state to another, these disclosures might include renovations done without a permit, pest infestations, and lead-based paint. You should keep these disclosures as they can be the basis for a lawsuit against the seller in the future in case you have major problems with your home after moving in.
Other documents you must retain include amendments, addenda or riders, home inspection report, closing disclosure, title insurance policy, and the property deed.
Get Expertise in Real Estate Law in Sonoma County
If you are planning to buy a home in Sonoma County, you should make sure that you have a reliable real estate lawyer to help you through the transactions. When it comes to real estate law in Sonoma County, Johnston Thomas Law is the name you can always trust. For more information, contact us at 707-545-6542 to hire our services.