I just loved the message of Carla Muss-Jacob's latest post, Simple Advice for Buyers and Sellers -- Keep Your Paperwork!!. As a mortgage lender, I can only add a loud "hear hear" and enthusiastic applause to this post!
Keeping your mortgage documents and papers is smart for many reasons. Obviously, for legal and financial reasons it's important to keep them safely protected within your home, bank box, or a firebox. But keeping your documents can also be extremely helpful in the future should you decide to sell. Having all the paperwork, such as surveys, title policy, etc. can possibly prove a savings monetarily at that time too.
I totally agree also that archiving the documents is something you might want to consider doing. A back-up for the paper documents themselves can provide extra protection for record-keeping. But most importantly, don't rely on anyone else to keep records for you. They may ... they may not do that. It's totally unreliable to depend on someone else.
Thanks again to Carla Muss-Jacobs for her informative post .. and the inspiration provided for her writing by Larry Story. This is definitely an important message that needs to be heard ...
Gene
This post was inspired after reading Larry Story's recent post: Home Sellers Beware of Home Buying Companies.
Larry wrote the post after reading a question from Trulia's Q&A's. Apparently, homeowners "sold" their home in 1999 to an outfit that "buys homes." In the paragraph describing the dilemma, the homeowner wrote the following, which caught my attention:
We don't have the orginal (sic) paperwork . . .
Well, that totally sucks don't it!!
And it pretty much sums it up . . . they may be SOL if what they're saying is true.
If you buy a home, sell a home . . . do anything with your home/real estate property . . . there is paperwork generated. And I've got two words of advice for you: KEEP IT!!
That's it. KEEP IT!
Store it, scan it, shoebox under the bed it, safety deposit box it, store it to disc, archive it, scan and email it to yourself . . . whatever you want to do -- just KEEP IT!
Escrow companies may have a copy. But, if anything is done without the services of escrow, or an attorney . . . you may be SOL.
There are "retention" periods for RETAINING DOCUMENTS. Here in Oregon, a broker/brokerage needs to retain the paperwork of transactions for 10 (ten) years.
Attorneys have a retention period as well. Records/files are not mandated to be kept forever and for all eternity.
Deeds, conveyances, bills of sales, HUD-1, final closing documents -- KEEP IT!!
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~ Representing Buyers Since 1999 ~
Carla Muss-Jacobs, ABR, CEBA, e-PRO, Realtor®
Principal Broker/Owner ~ EBAPortland, LLC
YOUR Exclusive Buyer's Agent1722 NW Raleigh St., Suite 116 Portland, OR 97209
(503) 810-7192 / Carla@CarlaHomes.com
CHECK OUT www.EBAPortland.com for Home Buyer TIPS!
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Gene Mundt, Sr. Vice President
Personal NMLS #216987
The Federal Savings Bank
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