SAMPLES OF IMPORTANT CLOSING DOCUMENTS
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Below are listed the main documents you will be asked to sign at your closing. Many loans are sold in the secondary market and therefore, they will all contain the same documentation. At Alpha Title we want you to have an opportunity to view your documents in advance of closing. However, many lenders will overnight or email their documents at the last minute and so you may not be afforded that opportunity.
Take a few minutes to review these documents that are common to all settlements involving lenders. (Of course cash closings do not use lender documents). If you have questions, don’t hesitate to call your closer at Alpha Title or your loan officer for clarification. We believe that the more knowledge you have regarding your closing the more comfortable you will be with the whole process.
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HUD-1 SETTLEMENT STATEMENT–This form has become standard for all closings, including cash closings. It should be reviewed carefully starting with the second page. A list of charges to each party is shown with a total at the bottom. The front page is a summary of the transaction for each party. For the buyer it will be Sales price plus any prorated charges in the top section, and the lower section lists credits such as loan amount(s), earnest money paid, and other credits. The sellers column will show sales price plus any prorated credits to the seller in the top section and in the second section, will be listed any reductions the amount of the seller’s proceeds such as payoffs of mortgages, taxes due, etc. Click here for a brief explanation of each section on the HUD-1 Settlement Statement.
Note (PROMISSORY NOTE) – This important document represents the borrower(s) promise to repay the debt created by the loan. Review this carefully at closing. It will contain the amount of money being borrowed, the interest rate, the loan term, payment due dates, late penalties and default language.
DEED OF TRUST (MORTGAGE) – A conventional deed of trust is referred to as a Fannie Mae/Freddie Mac UNIFORM INSTRUMENT. It differs slightly from VA or FHA deeds of trust. Local banks and credit unions may use other forms but this is by far the most commonly used. The deed of trust is recorded along with a legal description of the property. It becomes a “lien” against the property, and secures the borrower’s promise to repay the debt shown on the Note. In addition to identifying the property owners (all must sign), the terms of the loan, the DOT describes matters that would constitute a default on the loan thereby giving the lender cause to commence a foreclosure proceeding against the property.
OTHER DOCUMENTS THAT YOU WILL BE ASKED TO SIGN: The following Lender documents explain details about your loan, your lender and your agreement to lenders requirements for the loan.
Our goal is for you to have as complete disclosure of the closing process as possible. If you have any questions regarding these or any other documents, please contact your closer.
