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.
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.
