Camilo Romero Remax Realtor
Camilo Romero
909-351-3181909-351-3181

Closing Documents You Should Keep

Closing Documents You Should Keep

  • 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)

 

Reprinted from REALTOR® magazine (REALTOR.org/realtormag)
with permission of the NATIONAL ASSOCIATION OF REALTORS®.
Copyright 2008. All rights reserved.