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What
to Keep From Your Closing
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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.
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