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 A friend at Chicago Title sent me this article. It’s a good reminder…

Closing  Documents You Should Keep

The Closing Table

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 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 University)

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