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)
About hankbailey
Member of the Athens Area Association of REALTORS®, Georgia Association of REALTORS®, and the National Association of REALTORS®. I grew up in Athens and graduated from UGA with a BBA from the Terry College. I serve as a Residential Real Estate Listing and Buyer Services through Prudential Georgia, one of the largest real estate companies in the State of Georgia. Working with first time home buyers, step-up buyers, and Relocations in Jackson, Barrow, Oconee, and Athens-Clarke Counties.
http://www.AdvancedPropertyMarketing.com (this is our listing methodology)
http://www.GetJobLossProtection.com (this is an overview of our job loss program)
• Adept at understanding mortgage financing issues, products, and terminology.
• Technical expertise in internet marketing.
• Excellence in establishing trust with clients.
Represents Prudential Georgia Property Management in the acquisition and marketing of properties for lease in the Greater Athens area.
Personal website; www.athensgahomesforsale.com
Member of GA MLS
Member of FMLS
Member Georgia Association of REALTORS®
Member of Athens Association of REALTORS®
Member of the National Association of REALTORS®
Member of the UGA Alumni Association
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.
