If you have ever purchased a home before, you know that there are a lot of papers to sign at closing. Here is a list of key documents:
- HUD-1 settlement statement: Detailed list of all costs related to the sale of your home, similar to the good faith estimate provided by the lender. You have the right to review the HUD-1 before closing to ensure everything is correct, clear up any mistakes, and compare to your good faith estimate.
- Final TILA statement: First version is given after applying for you mortgage (which must be done within 7 days of a ratified contract). Final version outlines the cost of your loan and APR, taking into account any modifications made between application and closing.
- Mortgage note: A promise to repay the mortgage, outlining the loan amount, terms of the loan, and what happens if payments are not made.
- Mortgage or Deed of Trust: Secures the mortgage note mentioned above and gives lender claim against the home if mortgage note terms are not met.
- Certificate of Occupancy: Necessary for new construction in order to take possession of your new home!
Once all the documents are signed, the house keys are yours!!
Hampton Roads Real-e-statement is written by Alyssa Godwin, a Realtor with Liz Moore and Associates. For questions regarding buying or selling contact Alyssa at 757-329-6161 or firstname.lastname@example.org. You can also find Alyssa on Facebook or on the web at www.lizmoore.com/alyssagodwin.