Buying a house is a stressful as well as exciting process. Therefore, doing some homework is essential. This includes knowing the type of documents involved in the process. These days, before you have approval for a mortgage loan78, you will have to provide the lender with necessary documents related to your financial life. Given below are a few important types of forms that you will have to deal with as you go buy a house from Anchorage real estate.
Bank, investment and tax documents
You will have to provide last 30 days of details of these documents. In some cases, the lender may require last 3 months of documents. The document will show your latest tax returns along with the schedules and pages.
Profit and Loss Statement
If you are running a business or are self-employed, you will have to provide a profit and loss statement of current or previous year. A few years back, self-employed individuals or business owners were not required to file several forms to acquire loans for buying from Anchorage real estate.
Rental Property Income
If you are going to purchase a home and rent is part of the investment, then you will have to provide information as to your tax returns. You may also include bank statements and cancelled rents check showing the deposits made by you on the home as long as you bought the house in the current year.
If your intent is to rent out the current house once you have purchased the new house, you will have to supply cancelled checks, bank statements and details of rental agreements. So, this is very important if you want to purchase a house from Anchorage real estate.
Title deed is another essential form you should know about before you buy a house from Anchorage real estate. This document will show whether the house you want to purchase is really in the name of the seller. Aside from this, the document will show whether the seller has the rights to sell the house. Make sure the seller shows you the original document and not the copy.
With the help of this form, you can find out if the piece of land where the house is built has any type of legal dues. For this, you may check on the encumbrance certificate issued by the sub-register office. The certificate should clearly mention that the land has no type of complaints.
So, these are 5 types of important documents you should consider before you purchase a house form Anchorage real estate