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The Most Important Documents for a Residential Real Estate Transaction Buying or selling a property is an exciting but complicated process. With the amount of paperwork involved, it can be quite daunting to initiate a real estate transaction. The most important documents in a residential real estate transaction are vital to ensure that the transfer process runs smoothly. It's crucial to understand each document's role and what information is included in them. As a professional in New York real estate law, I have assisted hundreds of residential property owners, and I want to share with you the most critical documents you must know to finalize a successful real estate transaction. Purchase Contract The purchase contract is the most crucial document in a real estate transaction. It's a binding agreement between the buyer and the seller that specifies the terms and conditions of the sale. It outlines the purchase price, closing date, and contingencies for payment, financing, and repairs. The contract's details must be accurately drafted, and both parties must sign to finalize the deal. It's important to have a real estate attorney review it before signing to avoid any future legal disputes. Deed The deed is a legal document that transfers ownership of a property from the seller to the buyer. It must be recorded at the appropriate government office to reflect the new ownership officially.