Friday, April 30, 2010

Paperwork galore

There definitely seems to be a tonne of paperwork that must be done for an investment real estate transaction. I just thought I would list the things that have to have your john hancock that I can remember:

Before offer Acceptance:
- Agreement with Real Estate Lawyer to represent you.
- Agency Agreement with Real Estate Agent (I think there were a couple forms)
- Conditional Offer
- Removal of Conditions
- Cheques for all inspections (home, sewer, furnace)

After Offer Acceptance:
- Property Insurance
- Property Taxes Monthly installment plan with City
- Property Management
- SaskPower Landlord Agreement
- SaskEnergy Landlord Agreement
- Mortgage Agreement with Bank
- New Account sign up with Bank
- Pre-authorization Transaction/Direct Deposit forms (in place of a Void Cheque for Property management company, Insurance company, City taxes)

Still stuff to come:
- Possession and stuff with lawyer
- Renovations, etc.

Seems to be a storm of paper just for this one "simple" transaction. Signing your life away a little at a time =)

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