So, you’ve finally closed on your new home. At long last, the place is yours. You’ve got your keys and you’re ready to go. Not so fast. In all the excitement of closing on a new property, many buyers fail to keep track of the mounds of paperwork their attorney hands over after the deal is done. Will you ever really need any of it again anyway? Well, the answer is… yes.
The fact is that keeping track of a few of these important papers can save you a lot of time and money later. The building’s offering plan, for example, is a book-like document you’ll most likely never look at during the time you own the property. However, when it comes time to sell, you’ll need to provide the buyer’s attorney with a copy of the building’s offering plan and all amendments. If you lose the copy provided by your attorney at closing, it’s possible to get a new one from the building’s management company, but it can be costly – north of $100 in most cases – to replace.
As a seller, here’s what you’ll need to have handy when signing a contract:
- Your building’s offering plan (provided by your attorney at or soon after closing)
- All amendments to the offering plan (If the board makes any additional amendments to the plan while you own the property – there are often many – you should receive copies from building management. Keep them with the offering plan.)
- The building’s audited financial statements for the past 2 years (These can be obtained from the building’s management company.)
- Contact information for the management company and the “transfer agent” at the management company who handles sales in the building
- Contact information for your attorney
Pro tip: Keep a file that contains all of the documents provided to you at closing, along with any subsequent information provided by building management. Keep the file in a safe spot that’s out of the way, but where you can easily put your hands on it if you need it. This way, when you’re ready to sell, you can move forward quickly without stressing over paperwork.