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<p><strong>Courtesy of Jimmie Van Hooser your REALTOR®  - 931-320-2142 </strong></p>
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<h3><strong>Closing</strong><strong> Documents You Should Keep</strong></h3>
<p>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.</p>
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<li><strong>HUD-1      settlement statement. </strong>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. </li>
<li><strong>Truth      in Lending statement. </strong>Summarizes the      terms of your mortgage loan, including the annual percentage rate and recision period. </li>
<li><strong>Mortgage      and note. </strong>Spell      out the legal terms of your mortgage obligation and the agreed-upon      repayment terms. </li>
<li><strong>Deed. </strong>Transfers      ownership to you. </li>
<li><strong>Affidavits. </strong>Binding      statements by either  party. For example, the sellers will often sign an      affidavit  stating that they haven’t incurred any liens. </li>
<li><strong>Riders. </strong>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. </li>
<li><strong>Insurance      policies. </strong>Provide      a record and proof of your coverage.</li>
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<p><br /> <em>Sources:</em><em> Credit Union National Association; Mortgage Bankers Association; Home-Buyer’s Guide (Real Estate Center at Texas A&amp;M, 2000)</em></p>
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