The below forms and documents are important ones we will encounter during your transaction, and it is paperwork that you should hang onto for future tax and tracking needs.
Loan Estimate – The loan estimate will be provided to the buyer by the lender within three days of making an application and outlines the fees, interest rates, and payment information that is associated with purchasing this particular home.
Closing Disclosure – Three days before closing, your lender will present you with a Closing Disclosure which verifies the details about the loan and associated fees.
The promissory note spells out the agreed upon repayment terms i.e. interest rate, monthly payment, and length of the loan.
The mortgage is the lien on your property recorded with your deed and remains in effect until you have paid the note.
The deed transfers ownership of the property to you. It contains a description of the parcel that you actually bought.
Affidavits are “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 – If getting a loan, the bank will perform an appraisal to verify the market value of the property, called an appraisal. This protects both you and the bank.
Property Inspection Report – I usually advise the homebuyers keep this on hand in the event something comes up in the first few years and we need to refer to the document.
Survey – Surveys can be expensive to get done, so if one came with the property, make sure you hang onto it. It can be helpful whenever you are having work done to the property or are doing something like installing a fence.
Title Report – This report outlines all owners and those with legal interest in a property, property history, rights and restrictions on property usage.
Owners’ Title Insurance Policy – This policy protects against defects in title.
Purchase and Sale Contract and Addenda– This lays out the details of the offer, purchase, and change of ownership.
Homeowners Insurance policy – provides a record and proof of your coverage.