|
What
to Keep...From Your Closing
TheReal Estate Settlement Procedures Act (RESPA)Statement also 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.
|
TheTruth in Lending Statementsummarizes the terms of your mortgage loan.
Thepromissory note spells out the agreed upon repayment terms i.e.
interest rate, monthly payment, and length of the loan.
Themortgage is the
lien on your property recorded with your deed and remains in effect until
you have paid the note.
Thedeed
transfers ownership of the property to you. It contains a description
of the parcel that you actually bought.
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.
|
|
Appraisal - This contains a lot of particular information about your
property.
Property Inspection Report
Survey
Owners' Title Insurance Policy
Purchase and Sale Contract and Addenda
For example, if you buy a
condominium, you may have an addendum that outlines the condo
association’s rules and restrictions.
Insurance policies provide a record and proof of your coverage.
Reprinted
from REALTOR® Magazine Online by permission of the
NATIONAL ASSOCIATION OF REALTORS®
Copyright 2005. All rights reserved.
www.REALTOR.org/realtormag
©Copyright 2010 Brenda Jones Real Estate
Licensed in the State of Vermont |