When buying or selling a house in Buffalo, there are several important documents that you’ll need to be aware of. These documents are used to protect both the buyer and seller, and they help ensure that the transaction is completed legally and ethically. Some of the most common documents include the purchase agreement, the deed, the bill of sale, the disclosure statement, and the title report. The purchase agreement is the most important document, as it outlines the terms of the sale and serves as a legally binding contract between the buyer and seller. The deed is the document that transfers ownership of the property from the seller to the buyer, while the bill of sale is used to transfer personal property, such as appliances or fixtures. The disclosure statement is used to reveal any defects or issues with the property, and the title report confirms that the seller has the legal right to sell the property. It’s important to work with a knowledgeable real estate agent or attorney who can help guide you through the process of completing and signing these documents.
Buying or selling a home in Buffalo is an exciting journey—but it also comes with a mountain of paperwork. Whether you’re closing on a charming Victorian in Elmwood Village, selling a rental property on the West Side, or purchasing a new build in North Buffalo, understanding the documents involved is key to a smooth transaction.
Here’s a guide to 7 essential documents you’re likely to encounter during a real estate deal in Buffalo—and why each one matters.
Here is a closer look at these documents…
1. Purchase Agreement
The purchase agreement is a legally binding document that outlines the terms and conditions of the sale. It includes details such as the purchase price, closing date, and any contingencies that must be met before the sale can be finalized. It’s important to review the purchase agreement carefully and ensure that all the details are accurate and acceptable before signing.
What it is:
A legally binding contract between the buyer and seller that outlines the terms of the sale—including price, closing date, contingencies, and responsibilities.
Why it matters:
This is the foundation of the entire transaction. In Buffalo, it typically includes:
- Agreed-upon purchase price
- Timeline for inspections and closing
- Items included in the sale (appliances, fixtures, etc.)
- Any contingencies (financing, home inspection, sale of buyer’s current home)
Tip: Work with a licensed Buffalo real estate agent or attorney to make sure the contract is properly drafted and reflects local legal standards.
2. Property Disclosures
Property disclosures are documents that provide information about the condition of the property. They disclose any known defects, such as leaks, mold, or other issues that may affect the property’s value or safety. It’s important to review these disclosures carefully and ask any questions you may have before finalizing the sale.
What it is:
A document completed by the seller disclosing known material defects or issues with the home.
Why it matters:
New York State law requires sellers to either fill out a disclosure or offer a $500 credit to the buyer at closing (many opt for the credit to avoid liability). However, in Buffalo’s older housing stock, it’s often wise for sellers to disclose known issues to avoid post-sale disputes.
Typical disclosures in Buffalo:
- Basement flooding or foundation issues
- Asbestos, lead paint, or knob-and-tube wiring
3. Deed
The deed is a legal document that transfers ownership of the property from the seller to the buyer. It includes details such as the names of the current and new owners, the property’s legal description, and any restrictions or easements that may affect the property. It’s important to ensure that the deed is accurate and legally binding before signing.
4. Title Report
The title report is a document that provides information about the property’s title history. It includes details such as liens, encumbrances, and any other issues that may affect the property’s ownership. It’s important to review the title report carefully and ensure that there are no outstanding issues that may affect the sale.
5. Mortgage Documents
If you’re financing the purchase of the property, you’ll need to sign several mortgage documents. These include the promissory note, which outlines the terms and conditions of the loan, and the mortgage or deed of trust, which secures the loan against the property. It’s important to review these documents carefully and ensure that you understand your obligations before signing.
6. Closing Disclosure
The closing disclosure is a document that provides a detailed breakdown of the costs associated with the sale. It includes details such as the purchase price, closing costs, and any prepaid items, such as property taxes or insurance. It’s important to review the closing disclosure carefully and ensure that all the costs are accurate and acceptable before signing.
7. Power of Attorney
If you’re unable to attend the closing in person, you may need to sign a power of attorney document. This document allows someone else to sign the necessary paperwork on your behalf. It’s important to ensure that the person you designate as your power of attorney is trustworthy and understands your wishes.
How Sell My House Fast Buffalo Can Help
Handling the paperwork involved in buying or selling a house in Buffalo can be overwhelming. That’s where the experts at Sell My House Fast Buffalo come in. Our team of experienced real estate agents can guide you through the process, answer any questions you may have, and ensure that all the necessary paperwork is completed accurately and on time.
We understand that buying or selling a house is one of the most significant financial transactions you’ll ever make. That’s why we’re committed to providing our clients with the highest level of service and support. Our goal is to make the process as smooth and stress-free as possible so you can focus on what matters most – enjoying your new home or moving on to your next adventure.
Buying or selling a house in Buffalo requires a significant amount of paperwork. It’s important to review each document carefully and ensure that all the details are accurate and acceptable before signing. At Sell My House Fast Buffalo, our team of experienced real estate agents can guide you through the process, answer any questions you may have, and ensure that all the necessary paperwork is completed accurately and on time. Contact us today to learn more about how we can help you achieve your real estate goals. 716-562-4202