Buying a house is a major investment. Even if you turn to all the recommended professionals for guidance, it’s still wise to familiarize yourself with the proceedings so you know what to expect at every stage of the transaction. For example, do you know which documents to review at the closing? Here are three of the most important closing documents all buyers should be aware of. 

3 Closing Documents to Review Closely

1. The Purchase Agreement

The purchase agreement is one of the most critical closing documents, although you have undoubtedly reviewed and signed it at various stages of the transaction. This document is essentially the sales contract. It contains all the terms and conditions for completing the transaction, ultimately transferring ownership of the property from the seller to the buyer. 

2. The Loan Application 

Most property sales are financed, which means the loan application must be completed upon closing. The buyer should have filled this out when applying for the mortgage, but the lender will provide an updated version for the closing. This version will include all the terms of the mortgage from that day forward. 

3. The Seller’s Disclosures, Warranties, & Guarantees

A seller’s obligation to disclose various details regarding the property varies by state. Although the buyer should have already reviewed these reports, it’s wise to look them over once more during the closing. Both parties should also retain copies of these documents for their records in case a lawsuit arises at a later date. 

For expert assistance througout the closing process, turn to the team at Chattanooga Title. Located in Hamilton County, TN, this full-service title agency has been helping residents navigate complicated real estate transactions since 1987. They assist with title searches, escrow services, and other aspects of the home-buying process to ensure customers secure the property of their dreams. If you have questions about closing documents, including title insurance, call (423) 756-3057 to speak with a knowledgeable member of the team. To schedule a consultation, complete the form on their website.