Closing Documents

A few people have asked us what exactly a person signs when they get to closing on their first house. There are generally three types of papers that a person will sign at closing time. 


The first part consists of a settlement statement, or HUD 1 statement,  that shows all the charges and credits to both of the parties, and the deed paperwork that goes with the actual property transfer. 


The second type of paperwork, usually signed by the buyer, are the documents needed for the loan. This can be a very large stack, depending on the type of loan the buyer has chosen to use. The documents will range anywhere from a new printed neat version of your original loan agreement, verification of name and address, and the note itself that says that you will pay the bank back. 


Finally, there are a number of documents that may or may not be needed as last minute items on the sales contract itself are needed by the agents on either side of the transaction.  We'll go more into detail on each of the types of documentation in future posts. 


For more information, visit us on the web at www.springfieldfirsthome.com, or simply call or text us at 417.872.9222.