Major Documents That Will Help Secure Your Real Estate Property In Florida
Major Documents That Will Help Secure Your Real Estate Property In Florida
Acquiring real estate property in Florida can be complex, as you will need to append your signature on many documents. The desire to own property can tempt you to rush to close a deal. However, confirming and verifying all documents is vital before sealing the deal.
There are numerous documents required to secure a real estate property, depending on the form in which you are acquiring the property, either through a mortgage or transfers of ownership.
There are two closings if you use a mortgage lender to purchase a property; one is for the loan, while the other is for the property. The loan document can vary by the type of lender.
Generally, some of the documents required to complete a closing deal for real estate property in Florida include the following;
- Promissory Note
This document explicitly states the terms of the loan, the interest rate, and your repayment plan. Once you sign the documents, it implies the terms stated therein legally bind you.
- Loan Estimate and Closing Disclosure
The government requires lenders to provide their borrowers qualified for a mortgage a “truth in the lending statement.” This enables the borrower to be aware of the loan terms, such as interest rate, annual percentage rate, and the total cost over the life of the loan. It gives the borrower complete knowledge of the amount they will repay.
The Legal Documents Needed to Transfer Ownership of A Real Estate Property in Florida
The seller usually signs the documents first and then passed them on to the buyer to sign. Some of these documents include the following;
- The Deed of Agreement For Real Estate Property In Florida
This document states the description of the property in legal form. Once both parties sign it, the seller and the buyer, it officially transfers the property from the seller to the buyer.
- The Bill of Sale
This document states some other property that is being transferred along with the main property. For instance, if the property is a furnished building, the bill of sale will contain other properties like furniture, appliances, etc.
- Seller’s Affidavit
The seller is required to provide a notarized statement affirming the transfer of rightful ownership of property and also stating clearly the potential claims on the property such as outstanding leases, lieu, boundary line dispute, etc.
It is important to note that the documents that will secure a real estate property are not limited to those mentioned above. You can contact a real estate attorney for more information to ensure you have the right and legally relevant documents for your real estate property.
