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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.
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The Truth in Lending
Statement summarizes the terms of your mortgage
loan.
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The mortgage and the
note (two pieces of paper) spell out the legal terms
of your mortgage obligation and the agreed-upon
repayment terms.
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The deed transfers
ownership of the property to you.
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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.
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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.
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Insurance policies
provide a record and proof of your coverage.
Reprinted with permission from
Real Estate Checklists and Systems,
www.realestatechecklists.com.
Reprinted from Realtor(R)Magazine
Online permission of the NATIONAL ASSOCIATION OF REALTORS(R)
Copyright 2005. All rights reserved.
www.realtor.org/realtormag.
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