What Closing Documents Should I Keep

Buying a new home is an exciting process and sometimes a little overwhelming with the piles of paperwork and reports you accumulate throughout the process. Finally the closing day is here and good riddance of all that paperwork! Here's a short list of the most important documents you should file away for future reference and why.

HUD-1 Settlement Statement - This document itemizes all of the costs associated with the closing. You'll want it for income tax purposes. Tax Day is right around the corner!

Truth in Lending Statement - Summarizes the terms of your mortgage loan, including the annual percentage rate and rescission period.  

Mortgage and Note - Spells out the legal terms of your mortgage obligation and the agreed-upon repayment terms.

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. For example, the sellers won't move out until two weeks after closing but will pay rent to the buyers during that period.

Deed - Transfers ownership to you.

Insurance Policies - Provides a record and proof of your coverage.

For more information, please contact me at (760)574-8486.