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Company Listings Residential Listings Residential Listings Homes With Acreage Homes With Acreage Worth a Click! Tips for Buyers & Sellers Bob's Quick Tips for Buying and Selling Real Estate Selling Tips Low Cost Ways to Spruce-up Your Home Remodeling and What You Should Know Buyers' Tips Taking the Trauma out of Homebuying How to Prepare for Home Ownership Tips for Buying in a Tight Market What Your Home Inspection Should Cover Questions to Ask Your Home Inspector What not to Overlook on your Final Walk-through What to Keep from Your Closing About Homeowners Insurance and Saving Money What to know about Title Insurance What to Watch for in a Purchase Contract Tips for Pricing Your Own Home
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What to Keep From Your Closing 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 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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