Video Summary
What should I do with the paperwork after I close it to a property? Well, if you’re selling the property, you need to retain a copy of the disclosures that you signed, as well as the contract for the purchase and sale. You also need to retrieve or keep a copy of the title insurance policy whenever you bought the property. And further, you need to keep track of your closing statement. It’s important to keep the disclosures so that if there’s a problem with the property, after you sell the property and the buyer is suing you and saying that you didn’t disclose defects and you have the documentation that shows that you did well, that would be a very good defense to it. You’ll need to keep the closing statements as far as that’s concerned to be able to file your tax returns in the future and to document the sales price. So those are some of the documents. Keep your copy of your title policy. So if someone says that you, there’s a defect in the chain of title, and then they contact you about this, you can furnish them with a copy of your title policy that shows that whenever you receive title that they insured against it, and that way they can contact a title insurance underwriter who initially ensured that you had a multiple title to the property. If you have any questions concerning this, give me a call at (727) 847-2288.