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)

This has been Reprinted from REALTOR® magazine (REALTOR.org/realtormag http://www.realtor.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2008. All rights reserved.

www.realestatepub.com
 "Your Real Estate Connection"

Click to "LIKE" me on Facebook
David Stewart- Realtor


David Stewart- Realtor
ABEK Real Estate

820 Oak Harbor Blvd
Slidell, LA 70458
Cell:(985)710-1728
Office 985-646-2111
Licensed in LA
dstewart.realestate@gmail.com
www.realestatepub.com

 

1 Comments on Closing Documents You Should Keep

JUL
01
2011
430,879 Points 10 Featured Posts Outside Blog

Saving these documents is critical. About the moment someone loses one, there will be a reason to produce it!
4:17pm • #1


What does the graphic say?
Leave a response…

(optional)
Spam Prevention:
 
New_pic Rainmaker_large

David Stewart- Slidell Homes- New Orleans Homes

Slidell, LA

More about me…

REALTOR, ABEK

Address: 820 Oak Harbor Blvd, Slidell, LA, 70458

Office Phone: (985) 646-2111

Cell Phone: (985) 710-1728

Email Me

Testimonials
59086
' David Stewart is the perfect Realtor! My husband and I couldn't have ask for a more pleasant experience as a first time home buyer. Going into looking ... more '
5.0/5.0
by gmboyet
57179
' For me this was my first home purchase. At the beginning I was very "green" to the whole home buying process. David was very knowledgable with the ... more '
5.0/5.0
by joshjb
My New Orleans Real Estate Listings on Zillow


Listings

Links

Archives

RSS 2.0 Feed for this blog

Find LA real estate agents and Slidell real estate on ActiveRain.