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Featured Listings
Spacious New Paltz Chalet
845-691-SOLD
845-691-7653
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Member of the Ulster
County Board of
REALTORS®
Member of the New York
State and National
Association of
REALTORS®
Member of the MLS in
Ulster County
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Buying
a House
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Closing Settlement is Scheduled and Completed
What to Pay Most Attention to At Closing
Review HUD-1 Closing Settlement Statement—Pay special attention to Bank Fees, Lender and Seller Credits, Binder Deposit Amounts
What to Keep From the 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.
Source: National Association of REALTORS®
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