Checklist for Acquisitions
List of documents you need to check prior to acquiring a property
Are you acquiring a property? Then the first and foremost thing that you have to do is to prepare a checklist for acquisitions. This actually helps you to prepare the paperwork and gather all the required documents for acquiring the property with ease and without any legal issues. Most importantly, you need to collect certain vital documents about the property from the seller prior to purchasing your dream property. This Checklist for Acquisitions includes contract phase and closing phase.
Contract phase: This includes the papers of whether you are purchasing the property that has leased with option to purchase, seller’s disclosure that this property totally belongs to you and none of his /her heirlooms or immediate family members have right on it. In addition, this includes a lead based paint addendum, if the property is built prior to 1978, and notice from the water district. Most importantly, you should ask the seller to provide the request and order for mortgage information letter, authorization to lease details, general warranty deed, and open title.
Closing phase: You need to check the beneficiary of the property by thoroughly checking the land trust agreement, beneficiary name, power of attorney papers, and escrow and insurance papers including revoke of insurance letter. In addition, you need to thoroughly review the insurance papers and send that to the agents, if required. You also need to check the cancelled property insurance and the refund they have received. Most importantly, you need to ensure that the property is in the name of the owner from whom you are purchasing the property. For that, you need to check the ownership of home association. You also need to collect all these documents prior to acquiring the property to avoid litigation in the future from the old seller’s heirlooms.
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