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Josie Morrison ABR, CRS, SRES

Broker Associate

Closing Documets that you should keep



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)