New homebuyers can easily watch the amount of paperwork they own grow after purchasing a house. From a folder full of closing documents to piles, the pages are added up once a home purchase is completed.
The inclination may be to keep everything. After all, I’ve just completed the largest purchase of my life. Also, all of those closing documents must have some purpose to keep around, right?
Do you really need to keep the original documents? Along with certified papers and photocopies that make up the closing paperwork? The closing documents, however, will come from the closing broker, lawyer, or escrow officer. It includes financial and legal documents; most of the documents from my real estate broker will be about contract negotiations.
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What Closing Documents I Need To Keep?
Purchasing a house always needs assembling a range of documents, from pay stubs to tax returns, and then signing even more as I process the mortgage and purchase.
But once I’ve completed my transaction and have shifted in and settled, do I know which closing documents I need to protect — and how long do I need to save it? Here are 4 closing documents tips to spot on once I have closed my house purchasing process:
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Keep…for atleast one year
- Utility bills: At the end of the calendar year and once I’ve matched actual expenses to those that appear on my bank or credit card statements, I can toss utility bills.
Keep…indefinitely
- Home improvement purchases and receipts: I may not intend on selling out my house anytime soon, but it is better to keep proof of purchases and upgrades I make, like adding new appliances or fresh drywall. They’re supportive to demonstrate appreciated value to potential buyers.
- Insurance policies: I will save these vital documents in a safe spot so I can easily access account numbers and coverage limits, as well as agent contacts, at any time.
- Mortgage documents: I’ll keep mortgage paperwork I get when I buy my house.Even if I pay off my mortgage, I’ll get a release or certificate of satisfaction;I’ll keep that, too.
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Keep…until I sell out my house
- Closing documents: I will retain a copy of any document signed during my house’s closing as a backup. This may include the purchase agreement, addendums, disclosures and repair requests, escrow information, inspection reports, and a closing statement. Some professionals suggest to keep this collection of forms for several years after I eventually sell out the house, too.
- Abstract, title, appraisals, and deed: I should retain it for my own record, which outlines things such as legal boundaries and the history of the house.
Keep…until it expires
- Home warranties: Again, save in a secure location that I’ll remember so I have access to coverage and limitations.
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Other Vital Tips
There are some other vital factors one should consider after house closing which are given below.
- Where to keep necessary documents: You should stash them in a fire-safe box in your place or in a safety deposit box.
- What to do with documents that are OK to toss: Shred them; home office shredders are cost-effective and widely available.
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