Documents needed in a Virginia Real Estate Transaction, Flat Fee MLS Listing or For Sale By Owner Home Sales Transaction:

Sellers:
Certification letters – a Termite Letter (proof that you do not have termites).  Proof septic has been pumped out within 5 years and if you have a well – proof it is free from bacteria.  If you have a buried oil tank – that will have to be disclosed (locate or decommission letter confirming the details of any buried oil tanks on the property)
 
Copy of your driver’s license – to prove you are who you say you are.
 
Proof of Payoffs – Need proof that you have paid off your mortgage or home equity line and all contractors (if they say you owe them money).
 
Lead Paint Disclosure – Provides proof if your home may or may not have lead paid.  Was your home built before 1978.  If you have reports of lead paint, you need to provide them to the buyer.
 
Home Warranty – often a buyer will request a home warranty on the home.  This is called a “piece of mind insurance policy” so if something breaks down after closing – the buyer can call the home warranty company to come out and fix it.  All the buyer pays is the small deductible.  The policy is good for one year and then the buyer can renew it at their own expense.
 
Hoa or Condo or Coop Documents – if you live in an one of these associations – you, the seller must provide these to the buyer as fast as possible.  If the buyer doesn’t like the rules of the Association, they have 72 hours to walk away from buying your home.  Also you need to provide proof your dues are paid to date.
 
Survey – Sellers show the buyers the survey to prove where the property lines are.  Most lenders will still require the buyer to get another survey.
 
Property Tax Receipts – You need to provide proof your property taxes are paid to date.  You will also need your tax record for filling out the MLS Listing.
 
Power of Attorney -  If you need someone to sign the closing papers for you – you will need to get a Power of Attorney.  The closing company will give you the form they accept and there is a small fee for this service.

Buyers:
 
W2s and 1099s  You will need to provide proof of what you have made the last 2-4 years (depending on the requirements of your lender).
 
Recent Paychecks - You will need to provide proof that you are still working and how much you are making.  Most lenders required the last 2 months of paystubs or direct deposit receipts.
 
Gift Letter – help from parents, etc – the letter should be addressed to the lender and inc:the dollar amount, the address of the property you are purchasing and the date the funds were transferred to you.
Proof of any debt you may have – car loans, cred card statements, student laon statement, child support agreements.  If you fail to turn all in – you will risk the lender finding out and you may lose the loan and the home.
 
Bank Statements – Most lenders require Bank Statements to see what movement activity is going on and that your money transactions are legal.
 
Records of additional assets – other real estate you may own, vehicles you own, mutual fund statements, etc.
 
Copy of your driver’s license – to prove you are who you say you are.
 
Copy of pre-approval letter – this explains the type of loan you are getting and how much you have been pre-qualified for as well as the term of the loan and interest rate.
The Ratified Contract – This is the contract on the home you are purchasing signed by all parties.  The lender and title company will need a copy as soon as the contract is ratified so they can begin their work.
 
Amendments – changes to the contract – (ie: home inspection agreements, delayed closing date, change of lender, etc)
 
Proof of insurance – Many lenders require proof that you have the home insured.  Lender is looking out for the property they are lending you the money on.
 
Survey – Sellers show the buyers the survey to prove where the property lines are.  Most lenders will still require the buyer to get another survey.
 
Power of Attorney -  If you need someone to sign the closing papers for you – you will need to get a Power of Attorney.  The closing company will give you the form they accept and there is a small fee for this service.