Sarah P. Shimanski offers the following royalty-free article for you to publish online or in print. Feel free to use this article in your newsletter, website, ezine, blog, or forum. ----------- PUBLICATION GUIDELINES - You have permission to publish this article for free providing the "About the Author" box is included in its entirety. - Do not post/reprint this article in any site or publication that contains hate, violence, porn, warez, or supports illegal activity. - Do not use this article in violation of the US CAN-SPAM Act. If sent by email, this article must be delivered to opt-in subscribers only. - If you publish this article in a format that supports linking, please ensure that all URLs and email addresses are active links. - Please send a copy of the publication, or an email indicating the URL to [email protected] - DistributeYourArticles (www.DistributeYourArticles.com) has distributed this article on behalf of the author. DistributeYourArticles does not own this article, please respect the author's copyright and publication guidelines. If you do not agree to these terms, please do not use this article. ----------- Article Title: Buying A Home - Learn How Important Your Closing Documents Are Author: Sarah P. Shimanski Category: Buying, Mortgage, Mortgage Word Count: 452 Keywords: buying a home, closing documents, settlement statement Author's Email Address: [email protected] Article Source: http://www.distributeyourarticles.com ------------------ ARTICLE START ------------------
As you finalize the closing of your purchase, the first set of documents you'll need to address are the loan documents. Before you sign, make sure all numbers and figures are correct-especially the number of zeros. Some of the major documents you'll encounter include: 1) Mortgage Or Deed Of Trust-With this document, you're granting the lender the right to place a lien on your home as security for the loan. If you should fail to pay or default on the promissory note, the bank can seek restitution by foreclosing on your property. This document will be recorded at the proper local government office. 2) Promissory Note-This document states how much you're borrowing and that you'll personally guarantee to repay the note. 3) UCC-1 Financing Statements (Applies To Co-Ops)-Since there's no home loan with co-op financing, your bank may elect to complete and submit this document for recording to secure it's claim on your property. 4) Monthly Payment Letter-This states how much you'll pay in principal and interest on the loan. This amount can also include payments for property taxes and or insurance such as homeowners or private mortgage insurance (PMI). 5) Closing Statement, Settlement Sheet, Or HUD-1 Settlement Statement-This form is completed by your closing agent using a HUD-1 form. It lists all payments required to be made by you and the seller for the home and other expenses associated with the transaction such as insurance premiums, satisfying outstanding liens, and more. The seller is also required to sign this form. After your transaction is closed, make sure to verify if your closing agent attached a refund check for any extra money you deposited in the beginning. 6) Truth-In-Lending (TIL) Disclosure Statement (Regulation Z Form)-Usually within 3 days after submitting your loan application, you'll be given a preliminary draft of this form. It breaks down all your monthly payments associated with the loan. You'll find the interest rate, APR or annual percentage rate, and your total payments over the life of the loan. After your financing is settled, you'll need to focus your attention on the paperwork that actually transfers the property to you. The list below comprises the basic essential documents. Depending on where you live, there could be more: 1) Deed (Warranty deed)- The seller will have to sign this document transferring title of the property to you. 2) Bill Of Sale-This paper spells out any personal property transferred from the seller over to you. 3) Stock certificates And Proprietary Lease-This only applies to Co-op homebuyers. 4) Affidavit Of Title And ALTA Statements-This statement indicates the seller isn't aware of any defects that may cloud the property's title. Once everything is signed, you'll be handed copies for your records. Be sure to keep them in a safe place for future reference. Are you searching for the best Irvine homes for sale? Check out these local Irvine realtors at http://www.localirvinerealtors.com ------------------ ARTICLE END ------------------ [Non-text portions of this message have been removed]
