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Paperwork to Keep After Closing

By Derren Peters

For all the negotiation headaches and endless paperwork you had to go through to acquire your home, you deserve a brief respite from having to look at any more contracts. However, there are several documents you'll want to hold on to for future reference, preferably in an organized folder in a spot that isn't the back of a closet, or some other hard-to-reach area. These documents include:

Deed: Always important to have a copy of this. The deed shows that the property you now live in has been transferred over to your name. In short, it's proof of ownership.

Insurance: Shows proof of coverage, and provides contact info should you ever need to file a claim.

Truth in Lending statement: This summarizes the financial details of your mortgage, including your percentage rate.

Riders: Highlights any amendments made to the sale contract.

HUD-1 Settlement Statement: Itemized list of your closing costs, a useful reference when paying income taxes.

Promissory Note and Mortgage: Sometimes the note isn't recorded, and you won't receive the original note until it is paid in full. The mortgage displays your principal balance and loan terms as required by the lender.

Title Policy: Details your vesting, amount of title insurance (in dollars), and any coverage exceptions. Identifies the Title Company, date of issuance and policy number.

Pest Inspection and Completion: Copy of the report from a pest inspection company, and certification that the work has been completed.

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