How long should I keep documents after buying a house?
Actual contract papers detailing your home purchase and original loan should be kept for the life of the loan. Other loan paperwork, such as refinancing agreements, should be kept for at least three years; some recommend keeping these as long as ten years.
Do I need to keep old house closing documents?
As a rule of thumb, you should keep all of the contract papers detailing your home purchase and original loan for the life of the loan. And sometimes longer. Since home loans can have tax implications, the IRS provides guidelines on what paperwork you need to keep and for how long.
What closing documents should I keep?
You should keep an electronic copy of the recorded release of mortgage or release of trust deed as well. Frequently, you’ll close your loan or a refinance of a loan with a title company settlement agent or closing attorney. … If you did, we would suggest you keep a copy of each commitment from each loan closing.
What documents should you keep after paying off your mortgage?
Although it might be tempting to shred the documents once the loan is paid off, homeowners should hold onto both the deed of trust and promissory note until the lien on the land is released. The homeowner should also keep the satisfaction note the bank sent that states the loan was paid in full.
How long should you keep utility bills?
Utility Bills: Hold on to them for a maximum of one year. Tax Returns and Tax Receipts: Just like tax-related credit card statements, keep these on file for at least three years. House and Car Insurance Policies: Shred the old ones when you receive new policies.
What papers should you keep and for how long?
To be on the safe side, McBride says to keep all tax records for at least seven years. Keep forever. Records such as birth and death certificates, marriage licenses, divorce decrees, Social Security cards, and military discharge papers should be kept indefinitely.
Can I throw away old insurance policies?
Once you sign and pay for a new policy, the old one ceases to be valid, so unless you are interested in comparing the rates/coverages over time, [copies of old insurance policies] will provide very little value.” While you can toss old insurance policies, you’ll want to keep these financial documents forever.
What are important papers?
What Are Important Documents?
- Legal identification documents. Social Security cards. Birth certificates. …
- Tax documents. Tax returns. W-2s and 1099 forms. …
- Property records. Vehicle registration and titles. …
- Medical records. Wills, powers of attorney or living will. …
- Finance records. Pay stubs.
Which document is the most important at closing?
Deeds are the most important documents in your closing package because they contain the statement that the seller transfers all rights and stakes in the property to the buyer.