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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.

  1. 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.

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

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

  4. The deed transfers ownership of the property to you.

  5. 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.

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

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

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


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