Documents To Keep From Your Real Estate Closing

Immediately after your real estate closing you're likely to feel like celebrating or grabbing a moving box to start unpacking - but be sure that you take a moment or two to carefully store the documents you received. That folder from your closing attorney or escrow agent is filled with some important paperwork that you will want to be able to put your hands on when needed. Review the documents and make sure that you recieved the following:

• 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.

Additional home buying resources:

The Online Mortgage Process
Mortgage Application Checklist
Comparing Different Mortgage Programs

Learn more in the Mortgage and Home Owners Education Center

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