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


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
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©Copyright 2016 Brenda Jones Real Estate Group
Licensed in the State of Vermont