You have finally found your dream house in Florida thanks to Kijner & Sons International Realty. 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.

  • HUD-1 settlement statement: 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.
  • Affidavits: Binding statements by either party. For example, the sellers will often sign an affidavit stating that they haven’t incurred any liens.
  • 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: Provide a record and proof of your coverage.

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Sources:

The National Association of Realtors® (NAR)
Credit Union National Association
Mortgage Bankers Association
Home-Buyer’s Guide (Real Estate Center at Texas A&M
, 2000)