Fix & Flip Documents: A to Z Process

1. Property Acquisition Phase

Finding the Property – Use https://dealworthit.com

• MLS listings access or off-market property leads
• Property inspection checklist
• Initial property analysis (ARV calculation)Comparable sales report (“comps”)

Getting Under Contract – Download on https://dealworthit.com

• Purchase and Sale Agreement (PSA)
• Earnest money deposit receipt
• Seller’s disclosure statement
• Lead-based paint disclosure (for homes built before 1978)
• Property condition disclosure

Due Diligence

• Title search report
• Property survey
• Home inspection report
• Pest inspection report
• Environmental assessment (if needed)
• HOA documents and financials (if applicable)
• Property tax statements
• Utility bills (to estimate costs)

Financing the Purchase

• Loan application
• Personal financial statement
• Credit report
• Proof of funds letter (for cash offers)
• Hard money lender term sheet (if using hard money)
• Loan estimate
• Loan commitment letter
• Insurance binder/proof of insurance

2. Closing on the Purchase

Pre-Closing Documents

• Final loan disclosure
• Closing Disclosure
• Escrow instructions
• Wire transfer instructions

Closing Documents

• Deed (warranty, special warranty, or quitclaim)
• Bill of sale for personal property
• Settlement statement (HUD-1 or Closing Disclosure)
• Tax declarations
• Transfer tax forms
• Mortgage or deed of trust
• Promissory note

3. Renovation Phase

Project Planning

• Detailed scope of work
• Project timeline/schedule
• Budget Worksheet
• Material selection sheets

Contractor Management

• Contractor agreement/contract
• W-9 forms for contractors
• Certificates of insurance from contractors
• Contractor licenses/credentials
• Building permits
• Change orders (for scope modifications)
• Lien waivers (partial and final)
• Inspection certificates

Draw Process (if using construction loan)

• Draw request forms
• Progress inspection reports
• Receipts/invoices for work completed
• Lien releases for each payment

4. Selling the Property

Preparing for Sale

• Comparative market analysis (updated)
• Listing agreement with real estate agent
• Marketing materials
• Professional photography order
• Virtual tour agreement (if applicable)
• Staging agreement (if applicable)

Under Contract to Sell

• Purchase and Sale Agreement with buyer
• Earnest money receipt
• Seller’s disclosure statement (updated)
• Lead-based paint disclosure
• Property improvements disclosure
• Home warranty information (if offering)

Closing the Sale

• Title commitment to buyer
• Final closing disclosure
• Settlement statement
• Deed to transfer property
• Mortgage payoff letter
• Escrow instructions
• Lien releases
• Certificate of occupancy (if required)
• Final utility readings

5. Alternative: Assigning the Contract

Assignment Documents

• Assignment of Purchase Agreement
• Assignment fee agreement
• Disclosure to seller of assignment (if required)
• Disclosure to end buyer
• Release of earnest money (if applicable)

6. Post-Project Analysis

• Profit and loss statement
• Project recap document
• Tax documentation (for capital gains)
• Investment property worksheet (for tax purposes)

This comprehensive list covers the essential documents needed throughout the fix and flip process, from acquisition through sale or assignment, ensuring you have proper documentation for each stage of the project.