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Closing
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What to Keep From Your Closing
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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.
Insurance policies provide a record and proof of your coverage
Reprinted from REALTOR Magazine Online by
permission of the National Association of Realtors
Copyright 2005 All Rights Reserved
www.REALTOR.org/realtormag
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