However, here is a general list of documents commonly involved in a typical residential real estate sale through an agent. It is highly recommended to consult an attorney and carefully select a real estate agent who is experienced and only represents your side of the transaction NOT both sides.

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Listing Agreement: This is an agreement between the seller and the listing broker, detailing the terms of how the broker will sell the property.

Buyer Broker Agreement: An agreement between the prospective buyer and the buyer’s agent, outlining the agent’s duties to the buyer, the relationship between the agent and the buyer, and the compensation structure.

Real Estate Transfer Disclosure Statement (TDS): A mandatory disclosure by the seller about the condition and any known problems with the property.

Natural Hazard Disclosure Statement: A disclosure document that indicates if the property is within one of six predetermined natural hazard zones (e.g., flood, wildfire, earthquake fault zones).

Preliminary Title Report: Provided by a title company, this report outlines the property’s ownership history, existing liens, and any other encumbrances on the title.

Purchase Agreement: This crucial document outlines the terms of the sale, including the purchase price, financing terms, and contingencies such as inspections and appraisal.

Loan Application: If the buyer is financing the purchase, this document is submitted to a lender to apply for a mortgage.

Loan Estimate and Closing Disclosure: Documents from the lender that provide details about the mortgage terms, interest rates, monthly payments, and closing costs.

Home Inspection Report: Generated by a professional inspector, this report details the condition of the home and any potential repairs needed.

Pest Inspection Report: A report that outlines the presence of any wood-destroying pests or organisms.

Appraisal Report: A report from a licensed appraiser giving an opinion on the value of the property, typically required by the lender.

Contingency Removals: Documents that the buyer submits to remove contingencies as they are satisfied (e.g., inspection, loan, appraisal).

Closing Statement: A detailed accounting of all the financial transactions and fees involved in the real estate transaction, prepared by the escrow company.

Grant Deed: The legal document that transfers ownership of the property from the seller to the buyer.

Home Warranty Policy: Optional coverage that protects the buyer from certain defects and malfunctions in the property after the sale.

Insurance Policies: Proof of homeowner’s insurance, and possibly flood or earthquake insurance, depending on the property location and lender requirements.

Remember, this list is a general guide and the actual documents required can vary. Additional documents might be needed for specific situations, such as HOA (Homeowners Association) documents for properties within an HOA, or adjustments for unique properties (like commercial real estate or vacant land).

Always consult with a professional real estate agent or attorney to ensure all necessary documents are prepared and filed correctly for your specific transaction.

iCONNCT will help hundreds of buyers get homes every year. We look forward to representing your best interests as a buyer, and we appreciate the opportunity to be of service.

Thank you for considering iCONNCT as your partner in this exciting journey. We look forward to assisting you in finding the property that suits your needs.

Find the RightAgent™ RightNow™ by clicking here!

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Who is on YOUR side when you buy a home?

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Let’s return to the idea of fiduciary duty. Here is what “fiduciary duty” means:

In California, the agent who represents the seller has 6 fiduciary responsibilities to the SELLER – “obedience, loyalty, disclosure, confidentiality, accounting, and reasonable care”.

The Listing agent (the name on the sign) has to disclose any conflict of interest (like trying to get the best price for the seller while representing the buyer at the same time), and the listing agent is responsible to negotiate in good faith. Listing agents only get paid if their SELLER is happy with the deal they bring to the SELLER. That doesn’t sound like the best deal for the buyer – does it?

Buyer’s agents have represented buyers for many years and their commission is fully disclosed to both buyer and seller. The commission has traditionally been paid by the seller. The seller absolutely has the right to pay that commission on behalf of the buyer although in the future that responsibility cannot be forced on the seller by the real estate community. It is possible in coming years that some or all of the buyer’s agent commission will be paid by the buyer which could dramatically affect the affordability of homes for many first-time buyers.

Home buyers need all the help they can get. Here are some important considerations for the home buyer:

1: Are the Seller disclosures about the property complete? These disclosures cover everything from changes made to the home, substances used in the home, the condition of every aspect of the home, the pets that have been in the home, whether someone has passed in the home, the position of the home related to future development or military installations, structural repairs made or needed, and a multitude of other factors. The Buyer’s agent is responsible to represent the buyer and make sure that the buyer makes a purchase with eyes wide open.

2: Does the buyer have the opportunity to look at any and all properties or will they be restricted to view only the property offered by the Seller’s Agent? Every buyer has a right to look at every property – the Seller’s Agent is paid by the seller to sell THAT home – buyers need a buyer’s agent to help them buy ANY home that they would like to offer on.

3: Is the buyer obligated to use the lender recommended by the Seller’s Agent who represents the Seller’s interests? Surely the buyer should have the right to choose their lender. Surely the home buyer should be HELPED to contact multiple lenders so that they are aware of all the options that are best for them not just for the seller. After all, the buyer will make the payment, not the seller.

4: Should the buyer be forced to pay the Agent representing the Seller? Well that’s a resounding “NO”. If the buyer cannot afford to pay a Buyer’s Agent then potentially they could be forced to be represented by the Agent representing Seller. This is not the case now and should never be in the future. The buyer must never be underserved for the benefit of the seller or the Seller’s Representative.

We believe in equal opportunity for ALL.

We recommend that every buyer has a frank and honest discussion with their agent as to who pays which agent and what that agent will do for THEM AS THE BUYER.

Ask your agent what they will do for you – here are some suggestions.

1: How available is the Buyer’s Agent?

2: Do you charge me fees up front or just when I buy a home and close escrow?

3: Who will pay the Buyer’s Agent commission?

4: What days do you work, what hours do you work, are you part-time or full-time? (Make sure the work ethic of the agent matches your needs as a buyer).

5: Do you work for buyers or sellers or both?

6: How many buyers have you or your team represented in the last 6 months?

7: Do you have a relationship with the seller of the home I want to buy? Are you working for them or me?

8: How many homes will you show me?

9: How often will you show me homes?

10: What lenders do you work with and why? Who should I call to discuss financing options? Are those lenders recommended by you or the seller?

11: What duties will you fulfill for me during the buying process – like setting up Inspections, explaining paperwork, resolving disputes with the seller, and protecting my interests.

iCONNCT will help hundreds of buyers get home every year. We look forward to representing your best interests as a buyer, and we appreciate the opportunity to be of service.

Sign up HERE to begin your journey in finding the RightAgent™ RightNow™.

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