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 for future reference.
Master Settlement Statement
Master Settlement Statement
Itemizes all the costs — commissions, loan fees and other closing costs, pro-rated items such as taxes, HOA capital contributions if applicable, etc. that are associated with the closing.
Truth in Lending statement
Truth in Lending statement
Summarizes the terms of your mortgage loan, including the annual percentage rate and recision period.
Mortgage and note
Mortgage and note
Spells out the legal terms of your mortgage obligation and the agreed-upon repayment terms.
Deed
Deed
Transfers ownership to you.
Affidavits
Affidavits
Binding statements by either party. For example, the sellers will often sign an affidavit stating that they haven’t incurred any liens since the agreement was made.
Riders
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 for the property
Insurance policies for the property
Provide a record and proof of your coverage.