Buyer Closing Documents to Hold Onto

On closing day, expect to sign a lot of documents and walk away with a big stack of papers and/or a promise from your settlement agent that these will be emailed to you within a week.

Here’s a list of the most important documents you should file away for future reference.

Your Closing Disclosure:  This itemizes all the costs — commissions, loan fees, points, and hazard insurance —associated with the closing. You’ll need it for income tax purposes if you paid points.

Truth in Lending statement. Summarizes the terms of your mortgage loan, including the annual percentage rate and recision period.

Mortgage and note. Spell out the legal terms of your mortgage obligation and the agreed-upon repayment terms.

Deed. Transfers ownership to you. Often you do not receive this AT the closing itself, but several weeks later in the mail.

Affidavits. Binding statements by either party. For example, the sellers will often sign an affidavit stating that they haven’t incurred any liens.

Insurance policies. Provide a record and proof of your coverage.

Sources: Credit Union National Association; Mortgage Bankers Association; Home-Buyer’s Guide (Real Estate Center at Texas A&M, 2000) Realtor Mag