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What Documents to Keep From Your Closing


What Not to Overlook on a Final Walk-through  |  Common Closing Costs for Buyers What Documents to Keep From Your Closing  |  Tips for Packing Like a Pro

  • The Real Estate Settlement Procedures Act (RESPA) statement. This form, sometimes called a HUD 1 statement, itemizes all the costs associated with the closing. You’ll need this for income tax purposes and when you sell the home.

  • The Truth in Lending Statement summarizes the terms of your mortgage loan.

  • The mortgage and the note (two pieces of paper) spell out the legal terms of your mortgage obligation and the agreed-upon repayment terms.

  • The deed transfers ownership of the property to you.

  • Affidavits swearing to various statements by either party. For example, the sellers will often sign an affidavit stating that they have not incurred any liens on the property.

  • Riders are amendments to the sales contract that affect your rights. For example, if you buy a condominium, you may have a rider outline the condo association’s rules and restrictions.

  • Insurance policies provide a record and proof of your coverage.

Content from REALTOR® Magazine Online with permission of the
NATIONAL ASSOCIATION OF REALTORS® Copyright 2005.
All rights reserved. www.REALTOR.org/realtormag
   
 
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