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 away for future reference:
- Closing Disclosure settlement statement
Itemizes all the costs — commissions, loan fees, points, and hazard insurance – associated with the closing. (You may need it for income purposes.)
- Truth in Lending statement
Summarizes the terms of your mortgage loan, including the annual percentage rate and rescission period.
- Mortgage and note
Spells out the legal terms of your mortgage obligations and agreed-upon repayment terms.
Binding statements by either party. For example, the sellers will often sign an affidavit stating that they haven’t incurred any liens.
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
Provides a record and proof of your coverage.
- Home Warranty Confirmation
You will need the confirmation number should you need to use the Home Warranty Policy.