When you are investing in French properties for letting business, you will be required to sign a lot of real estate documents. Though all of them are crucial, there are some documents that you should always store for future purposes. The closing company stores copies of the most relevant documents in case you misplace some of yours. It is, however, advisable to have a record of these documents for filing claims against any party that does not keep their end of the deal.
The agent’s agreement is one of the most relevant documents that you should keep safe. By choosing an agent to help you with your investment, they present to you with an agreement which is a contract binding you and the brokerage. The contract contains terms and conditions that should guide you on how to relate to them.
It also states who should pay their commission as well as how to terminate the contract. This agreement states the services that the agent should provide you with as the buyer of the property. You can use if you have any issues with the agent after closing the transaction.
The purchase agreement is another vital document that comes up when investing in a property. It is what binds you and the seller of the property. This agreement contains terms such as the closing date and the purchase price. Every party should follow the terms and conditions of this party religiously. The seller should fulfil their duties to you as the buyer. You should, therefore, keep this agreement if they don’t file for a lawsuit against them.
There are also amendments which come in handy during altering some of the terms from the purchase contract. Sometimes, some terms have to be amended formally. For instance, a neighbour’s fence may be encroaching on the seller’s land, and the seller may need the fence removed. You should not get rid of this amendment agreement because it shows the changes in the original terms.
The law demands that the seller discloses any problems with their property before selling. Certain issues could lower the value of the property. They do this in the form of disclosure. As the buyer, you should keep copies of the selling disclosure if such problems are not fixed before buying the property.
The business owners you let the property to may raise concerns in the future. By storing this selling disclosure, you can file a lawsuit against the seller if they don’t take the initiative to arrange for repairs. Before investing in a property, you should hire an inspector to check its condition. They come up with a report outlining these conditions as well as potential problems of the property. Hold on to this report so that you can have a record of areas that need improvements.
When you apply for your mortgage, the lender will give you a closing disclosure before settlement. It includes the terms of the loan, the type you have applied for as well as the interest rates. This document can help you plan how you are going to pay for your mortgage and file your taxes.