Valuable information to share with buyers and sellers.
Purchasing a home is undoubtedly one of the largest and most important transactions a person will conduct in their lifetime. Along with a great new home, buyers of real estate are also left with a large stack of papers documenting their purchase. It can be overwhelming if you don’t know what all of these papers are for and which ones are important to keep.
The following list details documents that should be saved, preferably in a fire-proof safe. You may also choose to contact your lender or real estate agent for additional information about these items and others.
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HUD-1 Settlement Statement: Itemizes your closing costs and may be necessary to reference when paying income taxes.
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Truth in Lending Statement: Summarizes the details of your mortgage, including the interest rate you are paying.
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Deed: Provides proof that the property has been transferred to your ownership.
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Insurance Policy: Serves as proof of coverage and is good to have on hand should you need to make a claim.
