What to Keep From Your Closing

1. The Real Estate Settlement Procedures Act (RESPA) statement. This form, sometimes called a HUD 1 statement, itemizes all the costs associated with the closing. Youíll need this for income tax purposes and when you sell the home.

2.  The Truth in Lending Statement summarizes the terms of your mortgage loan.

3.  The mortgage and the note (two pieces of paper) spell out the legal terms of your mortgage obligation and the agreed-upon repayment terms.

4.  The deed transfers ownership of the property to you.(or stock certificate for cooperative)

5.  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.

6.  Riders are amendments to the sales contract that affect your rights. For example, if you buy a condominium or a cooperative, you may have a rider outline the condo associationís rules and restrictions.

7.  Insurance policies provide a record and proof of your coverage.

8.  The offering plan with the amendments and building financials for the cooperative or condominium.

 

 
The Barshay Team
Barshay Brokerage Real Estate Group, LLC
Ph: 212.645.8866  -  Fax: 212.645.8809
275 Seventh Avenue 7th Floor
New York, NY 10001
www.barshay.com

 

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