Buyer’s Tips & Articles

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

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

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

The deed transfers ownership of the property to you.

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.

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

Insurance policies provide a record and proof of your coverage.

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