Important Real Estate Documents to Keep in a Safe Place

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Buying and selling a home generates a lot of documents…no question about it!  When you walk away from the table, you generally have a binder full of documents from activities leading up to and including the day of sale.  Which ones should you keep?  As long as you own your home, here is a list of important real estate documents you’ll want to keep in a safe place:

 

1. Property deed: keep it for as long as you own the property.  
2. Closing statements: keep statements for three years after your purchase to show capital gains.  
3. Home improvement: some remodeling projects can reduce a potential capital gains hit when you sell your property, so save your receipts and consult your accountant.  
4. Warranty information: keep until the warranty expires.  
5. Loan papers: keep until paid off or refinanced, or in the case of mortgages that have tax-deductible interest, keep them for three years.  
6. Insurance policies: keep until the policy expires.  
7. Receipts or statements: save credit card receipts and/or checking account statements or cancelled checks for all major purchases such as appliances, furniture, antiques and art  

When you sell your home, you’ll usually be required to submit a disclosure form. Receipts for major home improvements like a new roof or remodeling project can help you complete disclosure forms and substantiate the good condition of your home.

 

A bank safety deposit box or fireproof safe is the best place to store your important documents. Be sure to save an up-to-date household inventory, complete with appraisals, receipts and photos or a videotape for insurance purposes in case of loss.

 

Please call or send us an email if you have questions about the real estate process.  We’d be happy to discuss with you!

 

 

 

 

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