Daybreak, Utah News

During the course of buying a home you receive a lot of paperwork. As your real estate agent we help you comb through all this paperwork to make sense of it. On closing day you can 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 rescission 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.

Please let me know if you have any questions about this, or if you are just in the beginning of the process and would like some help getting into a new home. I will be happy to speak with you. Have an incredible day!