Closing Documents You Should Keep

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 agreedupon 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)

The data relating to real estate for sale on this site comes in part from the Broker Reciprocity Program of Georgia MLS. Real estate listings held by brokerage firms other than Results Realty Services are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers.

Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items.

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