What documents should I keep when buying a home?

When buying a home in Virginia, it is important to keep all documents related to the purchase. The main document that should be kept is the deed of sale, which transfers ownership from the seller to the buyer. This document should be kept indefinitely as proof of ownership of the property. It is also important to keep copies of any contracts entered into during the purchasing process, including the purchase agreement, which outlines the terms of the sale. Additionally, any inspection reports and disclosure statements should be kept, as they can provide information about the condition of the property. Tax documents should also be saved, such as the settlement statement, or HUD statement, which itemizes all of the closing costs of the sale. The settlement statement should be kept for a minimum of three years, in case of an audit by the IRS. Documentation related to any renovations made to the property should also be kept, as this could be used for tax deductions or to prove ownership. This could include receipts for materials used and agreements with contractors. Finally, proof of payment for the purchase should be kept, such as canceled checks or bank statements showing the wire transfer of funds. This can also be used to verify ownership of the property. By keeping all of these documents, buyers are able to ensure that their right to the property is legally secure.

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What documents should I keep when buying a home?

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