While buying a home can be exciting, it can also be overwhelming, particularly if it’s your first time. Fortunately, the sales process doesn’t have to be an event you dread, but rather, one you invite. To help make this situation easier, the real estate experts at Nova Property Management in Anchorage, AK, share seven essential forms you will need to close on your dream home.
7 Necessary Forms for Buying a Home
1. Residential Home Sales Contract
Also referred to as a real estate purchase contract, this legally binding agreement focuses on what will be exchanged for the property. It will cover the identification of all parties, dates and terms of buyer possession, the final sale price, terms of the inspection, and any negotiations and contingencies.
2. Property Disclosure Form
A property disclosure form provides a detailed account of the home’s condition, both mechanically and structurally. In this form, homeowners are required to state all known defects of the house in its current condition. This form serves to provide buyers with full transparency about their purchases.
3. Third-Party Financing Addendum
When buying a home involves a loan, a third-party financing addendum is required. This document outlines the specific financing arrangement the buyer is seeking, as well as a timeline and points for negotiation. It also serves to prevent buyers from losing money in case their mortgage application is denied.
4. Lead-Based Paint Addendum
Older homes, specifically those built before 1978, require this government-issued form, which discloses all known information regarding the presence of lead-based paint. As a buyer, you should discuss any concerns about these hazards during the home inspection.
5. Offer & Counteroffer Documents
Oral terms are not enough to go on in a real estate transaction, so any terms that are verbally expressed need to be documented in the initial draft of a contract. If there are any mitigating circumstances, such as inspection setbacks or competing offers, counteroffer documents will need to be included, as well.
6. Homeowners Association Forms
The Homeowners Association is an organization in a planned community, subdivision, or condominium that enforces specific mandates for its properties. If the house in question falls into one of these three categories, Homeowners Association forms will be needed. These lay out any fees associated with community membership and a certificate of resale, and they will include all regulations and rules of that specific community.
7. Title Document
A title document is provided by a titling company and serves as an added layer of protection for homeowners. It demonstrates legal proof of ownership and enables owners to legally sell their properties. This document ensures the title on the home is valid, protecting homeowners from any potential lawsuits made against the property.
If you’re interested in buying a home, look no further than Nova Property Management. With over 35 years of experience providing everything from rental property management to representation for home sellers, their experienced team will advise and guide you throughout the entire home buying process. To start your search, give them a call today at (907) 522-1332, and visit their website for more information.