Buying A House

What Documents Do I Need Before Buying A House?

Buying a house is one of the most important life decisions you can make. It can set you up for a stable, fulfilling life in your new home, or it can burden you with costly and unexpected upkeep. To avoid these pitfalls, it’s vital to have all the necessary documentation before committing to anything. You can check more here

What documents do I need?

  1. Land Title

Your land title gives you a legal proof of ownership. It usually provides some kind of evidence of who built the house, when they built it and what they paid for it with. It also shows that you own or rent the property, whether it is your own home or someone else’s. There are different types of land titles:

Buying A House

  1. Residential: This type of title shows the facts above (who built it, when and what they paid). It also shows the area, street address and lot number. It also indicates if the owner of the property is a leaseholder or a freehold owner.
  2. Commercial: The title for a commercial property shows how much it was sold for and whether it is currently being rented out or occupied. This type of title may indicate who built the premises, if they were sold as-is, etc.
  3. Torrens Title: This is Martinez’s most popular form of land title. Its main advantage is that it provides a clear and easy-to-find record of the facts about your land. It also makes it easy for you to transfer your ownership of the property to someone else.
  4. Strata Title: This type of title indicates that you own part of a building (or several buildings) in which you are renting or living in as a freeholder owner or leaseholder. It also lists details on who owns what parts and other features like parking spaces, storage rooms and facilities.
  5. Credit Rating

Your credit rating is a good indicator of the type of home you can afford. It’s based on the information that your creditors have about your credit history (i.e. how much debt you’ve accumulated) and how you manage that debt. Your credit history is the years that you’ve made your payments on time and the average amount of interest you’ve owed each month. It also takes into account late payment fees and penalties.