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 Truth in Lending Statement summarizes the terms of your mortgage
- 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.
Reprinted from REALTOR® Magazine Online by
permission of the NATIONAL ASSOCIATION OF REALTORS®
Copyright 2005. All rights reserved.