Last updated on June 23rd, 2022 at 04:30 am
You were looking for property for sale in Jumeirah, you got one and now the deal is finalized, you are wondering which documents you need to keep after buying the property. Of course, there’s a limited number of documents you’ll file but you cannot risk on chucking out something important that might get you in trouble in the future. Here is a list of the most important document you need to keep after buying a new house and the reason why you should keep them.
1. Agent Agreement Of The Buyer
When you choose to buy a home via a real estate agent, you sign a buyer’s agent agreement. It is a contract between you and the brokerage that the agent will represent you throughout the process of buying the property. The document states what services your agent will be providing you and may come into play in case you have a disagreement with the agent after the purchase.
2. Purchase Agreement
Every house hunt starts with a purchase agreement. It is a legal contract between buyer and seller stating terms and conditions including the price and closing date. The provisions mentioned in the contract must be followed by both the parties and failure at the end of any party to do so may result in ramifications.
3. Addenda And Amendments
These types of documents may amend the terms and conditions of your home purchase. For example, if there’s an encroaching fence built in your neighborhood and you would want that to be removed, it has to be formally mentioned in the amendment of the sales contract. These types of agreements are usually related to property inspection and appraisals and are necessary to hold on to since they have the capability to change the original terms of the signed contract.
4. Seller Disclosures
Whether you are looking for Arabian ranches villas for sale or want to buy Apartments in Jumeirah, the sellers are bound to disclose if there are certain issues with the home. It’s a legal requirement they have to fulfill. These issues can range from leaking roofs to infestations and lead-based paints to other renovations. This document can be used to file a lawsuit against the seller in case there are any issues that surfaced after making a move. Losing this document might make it difficult for you to hold the seller accountable in the court.
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