5 Strategies for Organizing Your Real Estate Documents
Whether you’ve just listed your home on the market or you’re getting ready to purchase your very first property, you’ll need to read, sign, and manage lots of documents throughout the transaction process. If you don’t have a plan for organizing your real estate documents, it’s all too common to lose files that you’ll need later!
Whether you’ve just listed your home on the market or you’re getting ready to purchase your very first property, you’ll need to read, sign, and manage lots of documents throughout the transaction process. If you don’t have a plan for organizing your real estate documents, it’s all too common to lose files that you’ll need later!
By working with a real estate pro like MFR Rentals and Estates, you can get answers to all of your questions about the paperwork you’ll be handling as a home buyer or seller. Plus, these tips will help you determine which documents you’ll have to keep after the transaction, how to color-code your files for easy organization, and more.
Which Documents Do You Need?
If you’re about to sell your property or buy a home, it’s important to know which documents you’ll be handling. Home sellers should be prepared to provide title searches and surveys, property tax assessments, a statement of adjustments, and details about is and isn’t included in the home sale. If you’re a buyer, you’ll need to have documentation of your personal financial resources, a mortgage pre-approval letter, a credit report, and your current employment information. Additionally, you’ll get a purchase agreement, home inspection report, and title search. Buyers and sellers will also need to manage closing documents.
Decide What to Keep and Toss
Once you’ve officially wrapped up your real estate transaction, which documents do you need to hold on to - and what can you get rid of? After the closing is complete, Antonoplos & Associates notes that you should keep your purchase agreement, addenda, amendments, or riders, buyer’s agent agreement, seller disclosures, your home inspection report, closing disclosure, homeowner’s insurance policy, title insurance policy, and property deed.
Color-Code Your Filing System
Once you’ve pared down your documents so that you’re only holding on to the essential paperwork, it’s time to categorize and store it. Don’t just shove your files into a random drawer or leave them sitting in a stack on your kitchen table. Instead, set up a filing cabinet with separate folders so that you can keep track of your documents and easily access them when you need them! Make sure to color-code your files so that you can always find exactly what you’re looking for.
Digitize Your Documents
Today, you may prefer to digitize important documents so that you can reference your essential files even when you’re away from home. Furthermore, if you upload your documents to a cloud storage system, they will be safe even if your home sustains physical damage. LiveAbout suggests making sure to properly label all of your digital files so that you can find them quickly when searching.
Keep Your Digital Files Safe
If you do choose to digitize your real estate documents and store them in a cloud system, you’ll want to take steps to keep them safe from potential hackers. Many people overlook the importance of cybersecurity, but you don’t want to take any chances when it comes to important files like these. You will want to ensure that your files are password-protected, and you may want to avoid accessing them while using public WiFi. Furthermore, even if you do digitize your documents, don’t throw out the physical files - it’s always a good idea to have a backup in case you have an issue with your data. When you’re selling or buying a home, you can feel like you’re drowning in paperwork. Having an organizational system in place can give you peace of mind. By implementing these strategies, you can organize your physical files with a color-coded system and keep your digital files safe.
Whether you’re interested in buying or selling, MFR Rentals and Estates is here to help you get the best deal possible. Reach out today to get started!
(Arctile courtesy of Megan Cooper)
Which Documents Do You Need?
If you’re about to sell your property or buy a home, it’s important to know which documents you’ll be handling. Home sellers should be prepared to provide title searches and surveys, property tax assessments, a statement of adjustments, and details about is and isn’t included in the home sale. If you’re a buyer, you’ll need to have documentation of your personal financial resources, a mortgage pre-approval letter, a credit report, and your current employment information. Additionally, you’ll get a purchase agreement, home inspection report, and title search. Buyers and sellers will also need to manage closing documents.
Decide What to Keep and Toss
Once you’ve officially wrapped up your real estate transaction, which documents do you need to hold on to - and what can you get rid of? After the closing is complete, Antonoplos & Associates notes that you should keep your purchase agreement, addenda, amendments, or riders, buyer’s agent agreement, seller disclosures, your home inspection report, closing disclosure, homeowner’s insurance policy, title insurance policy, and property deed.
Color-Code Your Filing System
Once you’ve pared down your documents so that you’re only holding on to the essential paperwork, it’s time to categorize and store it. Don’t just shove your files into a random drawer or leave them sitting in a stack on your kitchen table. Instead, set up a filing cabinet with separate folders so that you can keep track of your documents and easily access them when you need them! Make sure to color-code your files so that you can always find exactly what you’re looking for.
Digitize Your Documents
Today, you may prefer to digitize important documents so that you can reference your essential files even when you’re away from home. Furthermore, if you upload your documents to a cloud storage system, they will be safe even if your home sustains physical damage. LiveAbout suggests making sure to properly label all of your digital files so that you can find them quickly when searching.
Keep Your Digital Files Safe
If you do choose to digitize your real estate documents and store them in a cloud system, you’ll want to take steps to keep them safe from potential hackers. Many people overlook the importance of cybersecurity, but you don’t want to take any chances when it comes to important files like these. You will want to ensure that your files are password-protected, and you may want to avoid accessing them while using public WiFi. Furthermore, even if you do digitize your documents, don’t throw out the physical files - it’s always a good idea to have a backup in case you have an issue with your data. When you’re selling or buying a home, you can feel like you’re drowning in paperwork. Having an organizational system in place can give you peace of mind. By implementing these strategies, you can organize your physical files with a color-coded system and keep your digital files safe.
Whether you’re interested in buying or selling, MFR Rentals and Estates is here to help you get the best deal possible. Reach out today to get started!
(Arctile courtesy of Megan Cooper)
