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The Closing Process

At your closing

At or after the closing, you should receive the original or copies of the following:

• HUD-1 Settlement Statement -- This document itemizes the funds the buyer and the seller will pay at closing.
• Note -- Often called the promissory note, it represents your promise to pay the lender according to the agreed upon terms of the loan, including when and where to send your payment.
• Deed -- This document transfers ownership from the seller to you.

After your closing is completed, keep any paperwork you received in a safe place. Remember to keep a copy of every document you signed.

When you file your taxes, it may be useful to have a copy of the settlement form because it lists the real estate taxes and loan discount points you paid at the closing -- they may be tax deductible. Also make sure you keep all homeowner's insurance and title insurance records in a secure place.