Carl Zinn

Zinn Family REALTORS®

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Closing Documents You Should Keep

August 29, 2013 by

Untitled Document

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, 2000)

Filed Under: Buyers

If you are considering buying a new home, please call us at 952.474.4444 or submit the form below. We will be happy to help!

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Phone: 952.474.4444

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Zinn Family Realtors

Coldwell Banker Burnet

19400 Highway 7

Excelsior MN 55331

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All information deemed reliable but not guaranteed and should be independently verified.


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