So, of the hundreds of documents you’ll encounter during the home-buying process, here are the ones you should keep—and why.
- Buyer’s agent agreement.
- Purchase agreement.
- Addenda, amendments, or riders.
- Seller disclosures.
- Home inspection report.
- Closing disclosure.
- Title insurance policy.
- Property deed.
Storage of Property Documents: Immediately after buying a house or land, you should make atleast 2-3 set of photocopy of all documents related to purchase.
- 1 How long should I keep documents after buying a house?
- 2 What documents to keep after you buy a house?
- 3 What documents do I need to keep after paying off mortgage?
- 4 What papers should you keep and for how long?
- 5 How long does recording take after closing?
- 6 How long should you keep bank statements?
- 7 Where should I keep my house title?
- 8 At what age should my house be paid off?
- 9 Who keeps the deeds to a house?
- 10 Is there a disadvantage to paying off mortgage?
- 11 What records need to be kept for 7 years?
- 12 What papers to save and what to throw away?
- 13 Is it safe to throw away old bank statements?
How long should I keep documents after buying a house?
Actual contract papers detailing your home purchase and original loan should be kept for the life of the loan. Other loan paperwork, such as refinancing agreements, should be kept for at least three years; some recommend keeping these as long as ten years.
What documents to keep after you buy a house?
Closing documents: Retain a copy of any document signed during your home’s closing as a backup. This may include the purchase agreement, addendums, disclosures and repair requests, escrow information, inspection reports, and a closing statement.
What documents do I need to keep after paying off mortgage?
Although it might be tempting to shred the documents once the loan is paid off, homeowners should hold onto both the deed of trust and promissory note until the lien on the land is released. The homeowner should also keep the satisfaction note the bank sent that states the loan was paid in full.
What papers should you keep and for how long?
To be on the safe side, McBride says to keep all tax records for at least seven years. Keep forever. Records such as birth and death certificates, marriage licenses, divorce decrees, Social Security cards, and military discharge papers should be kept indefinitely.
How long does recording take after closing?
This is called “recording” the deed. When done properly, a deed is recorded anywhere from two weeks to three months after closing.
How long should you keep bank statements?
Most bank statements should be kept accessible in hard copy or electronic form for one year, after which they can be shredded. Anything tax-related such as proof of charitable donations should be kept for at least three years.
Where should I keep my house title?
All things considered, a secure place where you can keep real estate deeds is worth investing in. Under no circumstances should you keep house deeds in a dresser drawer or under your bed. Keeping deeds and other important documents in a high-quality safe is a good option. You can use it to store other valuables, too.
At what age should my house be paid off?
“If you want to find financial freedom, you need to retire all debt — and yes that includes your mortgage,” the personal finance author and co-host of ABC’s “Shark Tank” tells CNBC Make It. You should aim to have everything paid off, from student loans to credit card debt, by age 45, O’Leary says.
Who keeps the deeds to a house?
The title deeds to a property with a mortgage are usually kept by the mortgage lender. They will only be given to you once the mortgage has been paid in full. But, you can request copies of the deeds at any time.
Is there a disadvantage to paying off mortgage?
What is the most significant downside of paying off your mortgage early? The biggest drawback of paying off your mortgage is reducing your liquidity. It is far easier to get money out of an investment or bank account than it is to get money from the equity you’ve built in your home.
What records need to be kept for 7 years?
Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return. Keep records indefinitely if you do not file a return.
What papers to save and what to throw away?
In general, Consumer Reports states that it is recommended to keep financial documents — like ATM, bank-deposit, and credit card statements — for less than a year. Once these are reconciled against monthly statements, it is safe to throw them away.
Is it safe to throw away old bank statements?
Bank statements If you prefer having physical banks statements delivered, Nisall says it’s fine to discard them immediately after you’ve reviewed them since you will most likely have access to at least a year’s worth online.