
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Purpose: Certifies that certain property tax exemptions or credits are no longer applicable.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.