Mason James RealtyJoseph Moore, BrokerCALL: 612-961-8300Minneapolis, St Paul, & Twin Cities Suburbs
What to Keep from Your Closing
-
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 for income tax purposes and when you sell the home.
-
The Truth in Lending Statement summarizes the terms of your mortgage loan.
-
The mortgage and the note (two pieces of paper) spell out the legal terms of your mortgage obligation and the agreed-upon repayment terms.
-
The deed transfers ownership of the property to you.
-
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.
-
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.
-
Insurance policies provide a record and proof of your coverage.
Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright / All rights reserved.
Click here for printer-friendly format
Contact Us
Thinking of buying or selling? Contact us today! You will be glad you did.