Common Seller Package: Purpose & Content

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Common Documents in a Seller’s Package

Note: The specific documents included in a seller’s package can vary based on local regulations, lender requirements, and the terms of the transaction. However, the following documents are typically included:

Deed

Purpose: Transfers ownership of the property from the seller to the buyer.
Content: Lists the names of the seller and buyer, provides a legal description of the property, states the purchase price, details any encumbrances (such as mortgages or liens), and includes the seller’s signature.

Affidavit of Title

Purpose: A sworn declaration by the seller asserting that there are no outstanding claims or liens against the property.
Content: Typically contains the seller’s name, address, and a statement affirming clear title.

Property Disclosure Statement

Purpose: Informs the buyer of any known defects or issues with the property.
Content: May detail structural problems, plumbing or electrical issues, and other defects.

Seller’s Affidavit of Property Tax

Purpose: Confirms the amount of property taxes that have been paid or are due.
Content: Often includes the property tax assessment, the amount of taxes paid, and any outstanding balance.

Lien Release (if applicable)

Purpose: Releases any existing liens against the property, such as a mortgage or mechanic’s lien.
Content: Generally includes the name of the lienholder, the property address, and a statement releasing the lien.

Affidavits of Non-Use (if applicable)

Purpose: Certifies that certain property tax exemptions or credits are no longer applicable.
Content: May include information about the property’s previous use, such as whether it was used as a homestead or for agricultural purposes.

Closing Disclosure (if applicable)

Purpose: Summarizes the terms of the loan, including the interest rate, monthly payments, and closing costs.
Content: Provides a detailed breakdown of all costs associated with the purchase.

Additional Documents:

Depending on the situation, other documents may also be included, such as:

  • Survey: Outlines the property’s boundaries.
  • Title Insurance Policy: Protects the buyer and lender against title defects.
  • Homeowners Insurance Policy: Proof of insurance coverage for the property.

Note: The terms and explanations provided are for educational purposes only and should not be considered legal advice or guidance.