What to keep in your files after closing

1.  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.

2.  The Truth in Lending Statement summarizes the terms of your mortgage
loan.

3.  The mortgage and the note (two pieces of paper) spell out the legal
terms of your mortgage obligation and the agreed-upon repayment terms.

4.  The deed transfers ownership of the property to you.

5.  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.

6.  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.

7.  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

Comments

[Sem Prada]

It is amazing to watch money evolve from worthwhile to worthless.The United States is running the country on borrowed money. People are not succeeding in life, they are buying success and going bankrupt because they are not following any restraint or fear of loss. Their is always cheaper money to buy in the US. This is so dangerous and I believe the value of the US dollar would crash if the actual value that is placed on our own currency was understood by the rest of the world.
www.initred.com

[owner finance contract]

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