Why new homeowners should get their documents in order

You did it — you bought a home!

Not only did you put an offer on the table, you made it to the closing table! The documents have been signed, the keys have been handed over and you’ve officially got a new address. Now what?

At closing, the title company gives buyers copies of all the documents they signed. They can be hard copies, on a disc or via a link to an encrypted website. Regardless of how you receive them, make sure you know how to access the information when you need it. Title companies do keep copies; however, it may take a little time to access them when needed.

You’ll want to familiarize yourself with those closing documents, as you may need to reference them for tax purposes or if you sell the house in the future. It’s important to keep all of the documents together in one secure place.

If you obtained a loan to purchase your new home, the lender required an appraisal. Most likely you received a copy of the appraisal before closing, but if not, it was included in your closing papers. The appraisal is a snapshot of your home’s value at the time of purchase, and more often than not, includes actual measurements and square footage information. Should you sell the property, you can reference this information with assurance knowing your house was measured by a professional.

Buyers with loans will also receive a copy of all of their loan documents, along with the Closing Disclosure and Settlement Statement. These are documents you’ll reference to help claim homeownership deductions at tax time. Remember to consult with your tax preparer for deduction clarifications.

The title company will send you a copy of the title insurance policy, if applicable, and the recorded deed to your new property within four to six weeks of closing. This is important to be aware of for two reasons. First, you’ll want to be on the lookout for these documents to ensure the envelope doesn’t get mixed up with junk mail. Second, scammers may send an official-looking letter stating that you need to pay $83 to obtain a copy of your deed. Don’t fall for this. Remember that this expense was paid for at closing and the title company will send it to you.

A lot of work, and paperwork, goes into buying a home. Securing your key documents all in one place makes your homeowner responsibilities easier and has you one step ahead on any future real estate transactions.

Denise Creswell is president of the Greater Nashville Association of Realtors. A Realtor is a member of the National Association of Realtors who subscribes to its strict Code of Ethics. Contact her at 615-473-1663 or denise@denisecreswell.com.