What To Keep From Your Closing
- 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.
- The Truth in Lending Statement
summarizes the terms of your mortgage loan.
- The mortgage and the
note (two pieces of paper) spell out the legal terms of your mortgage
obligation and the agreed-upon repayment terms.
- The deed
transfers ownership of the property to you.
- 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.
- Riders are amendments to the sales contract that
affect your rights. For example, if you buy a condominium, you may have a
rider outline the condo association’s rules and restrictions.
- Insurance
policies provide a record and proof of your coverage.