Closing Documents To Keep

Dated: 11/30/2016

Views: 121

Closing Documents You Should Keep

On closing day, expect to sign a lot of documents and walk away with a big stack of papers. Here’s a list of the most important documents you should file away for future reference.

HUD-1 settlement statement. Itemizes all the costs — commissions, loan fees, points, and hazard insurance —associated with the closing. You’ll need it for income tax purposes if you paid points.

Truth in Lending statement. Summarizes the terms of your mortgage loan, including the annual percentage rate and recision period.

Mortgage and note. Spell out the legal terms of your mortgage obligation and the agreed-upon repayment terms.

Deed. Transfers ownership to you.

Affidavits. Binding statements by either party. For example, the sellers will often sign an affidavit stating that they haven’t incurred any liens.

Riders. Amendments to the sales contract that affect your rights. Example: The sellers won’t move out until two weeks after closing but will pay rent to the buyers during that period.

Insurance policies. Provide a record and proof of your coverage.


Sources: Credit Union National Association; Mortgage Bankers Association; Home-Buyer’s Guide (Real Estate Center at Texas A&M, 2000)

Latest Blog Posts

Jul 10 2018 45055 1

A Realtoris not a salesperson.They're a matchmaker.They introduce people to homes, until they fall in love with one.Then they're a wedding planner

Read More

May 10 2018 45055 1

    Which subdivisions are in each lava hazard zone?Lava Zone 1•Leilani Estates •Kapoho (some areas, but not everything)Lava Zone 2•Black Sand Beach •Nanawale Estates

Read More

Feb 8 2018 45055 1

I've learned that you have to hold onto your smile everyday and free yourself of that...

Read More