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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.
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The Truth in Lending Statement summarizes
the terms of your mortgage loan.
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The mortgage and the note (two pieces of
paper) spell out the legal terms of your mortgage obligation and the
agreed-upon repayment terms.
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The deed transfers ownership of the
property to you.
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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.
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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.
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Insurance policies provide a record and
proof of your coverage.
