Buying your first home is exciting, but there’s a lot of legal paperwork that needs to be sorted and signed before the keys become yours. If you need assistance, a real estate lawyer will help you through the process.

What Paperwork Do You Need to Buy a Home?

1. Pre-Approval Letter

A pre-approval letter is not the same as getting approved for a loan. Rather, the lender has tentatively agreed to the mortgage amount that you intend to borrow. The letter proves to real estate agents and sellers that you are a serious buyer and have the capital ready to purchase a home. 

Depending on the lender, you’ll have to provide different financial information. It might be as simple as a credit check. However, some lenders will use an underwriter to verify your financial status. You may need to provide your credit score, W2s, and bank statements, along with a list of any current assets and debts. 

The more detailed the pre-approval letter is, the more enticing of a buyer you’ll be. 

2. Inspection Report

A home inspection is a detailed analysis of the property’s physical status. Inspectors will examine the quality of the foundation, HVAC system, electrical systems, roofing, plumbing, and the interior and exterior quality of the home. As a buyer, this gives you leverage. You can request the owner make any necessary repairs or drop the price. If the damage is extensive enough, you can walk away from the deal entirely. 

3. Home Appraisal 

To get your mortgage approved, the lender needs to verify the property is worth the amount you’re paying. If the real estate market finds the home is valued significantly less than the offering price, you can renegotiate the terms with the seller. 

4. Purchase Agreement 

Signing the purchase agreement is the most exciting part of the homebuying journey. With this document, you and the seller finalize the terms of the sale. The agreement will contain a description of the home, the contingencies, and the obligations both you and the seller must fulfill. It lists the items included in the sale (such as furniture or appliances), the amount of earnest money deposited, the closing cost, the date of closing, and the date in which you’ll take possession of the home. 

The agreement makes the purchase official. Before signing, have your lawyer go over the details of the document for any unclear writing or terms that might be against your interest. 

As closing day approaches, you will need a lawyer to help you navigate the complicated paperwork and review the contract. As early as possible, reach out to The Finkelstein Law Firm, PLLC, in Goshen, NY. For over 20 years, they’ve streamlined the homebuying process and have given their clients personal attention. Whether you need real estate forms explained or representation when dealing with a lender, you’ll have peace of mind knowing that they’re on your side. To schedule a consultation, visit them online or call (845) 294-9003.