DOCUMENTS INVOLVED IN THE HOME BUYING PROCESS
Buying a home can be a complicated process and it involves several important documents that
you need to be familiar with.
1 AGREEMENT TO LEASE – this is a document that outlines the terms and
conditions of a lease that is yet to be executed between a landlord and a tenant. It contains information such as the address, the size and the condition of the property.
2 SECTIONAL TITLE – this is a documents that shows legal ownership structure
where multiple owners have individual ownership of specific section or units within a large
property.
3 OFFER LETTER -it’s a document that is typically prepared by a potential buyer
and submitted to a seller. formally offering to purchase a property at a specific price and
under certain terms and condition. It contains the following details
Property description
Proposed purchase price
Name and address to both buyer and seller
Down payment amount and financing terms
Proposed closing date.
4 RESERVATION FORM – it’s a document used by a potential buyer to reserve specific property
, often before the purchase agreement has been finalized. The reservation form typically includes the
following details;
Name and address of the buyer
The property description
Reservation fee or deposit
The purpose of a reservation form is to allow a buyer to express their interest in a property for a
period of time and potentially prevent other interested parties.
Whether you’re a first-time homebuyer or an experienced one, understanding the various documents involved in the home buying process is crucial. These documents will guide you through the home buying journey and ensure that you make informed decisions.
