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What Documents Do You Sign At a House Closing?

Man signing house closing documentsIf you’re in the market for a new home or in the midst of the home buying process, you’ve probably heard that the closing process is quite a whirlwind. The day of the closing, you’ll meet with a number of the people involved in the home buying process, including the sellers, their attorney, your attorney, bank or lender representatives, and possibly the realtors involved to sign the paperwork and make the transfer of homeownership official.

While closing day is exciting and a milestone you’ll likely remember for a long time, chances are you will have a hard time remembering and understanding exactly what you are signing on that day. With so much paperwork and so many signatures going on, it’s easy to lose track of the forms you’re completing and what they mean.

Here, we’ll guide you through some of the documents that are commonly involved in house closings so you can be well prepared for closing day and all the paperwork that comes along with it!

Common House Closing Documents Reviewed and Signed at the Closing Table

Property Transfer Forms

The exact property transfer form you review and sign will vary based on the type of home or property you are purchasing. These forms transfer ownership of the property and are signed by both the buyer and the seller at the closing. They may include the deed.

The Affidavit of Title (Seller’s Affidavit)

This document is a legal statement that the property being sold is owned by the seller, is not being sold to any other parties and has no liens against it. It is intended to protect the new owner from any outstanding legal issues a seller may have had that may pop up after the sale is completed.

Mortgage Application

You have likely already signed this document during the mortgage application and approval process, but you may find yourself signing it again at the closing table. Review it carefully as some details may have been updated throughout the homebuying process. You’ll want to make sure all information is up to date and as accurate as possible.

The Mortgage

This document highlights your responsibilities and rights as a borrower. By signing the mortgage, you are agreeing that the lender has a right to foreclose on your home if you are unable to repay the loan or you violate any of the terms of the mortgage.

Closing Disclosure

This form provides details about the mortgage you have selected and will be moving forward with for the purchase of your home. It also provides details about the loan’s terms and conditions, your projected monthly payments, your closing costs, and other fees associated with obtaining your mortgage. This is a relatively new form. Only those who applied for a mortgage on or after October 3, 2015 are guaranteed to receive this form during closing.

Promissory Note

This legal document is a formal legal statement that you agree to repay the mortgage lender who is allowing you to borrow the money you need for your mortgage. It contains details like how much the loan is, the interest rate, the duration of the loan and the mortgage payment due dates.

Flood Insurance Disclosure

This statement gives you information regarding the purchase of flood insurance for your home. Depending on the location of your home, some mortgage lenders will require that flood insurance be purchased, while others will simply inform you that it is an option.

Escrow Documents or Waivers

Some lenders require you to use an Escrow account in order to set aside money for items other than your mortgage payment that relate to homeownership – for instance, property taxes and private mortgage insurance payments. If you are going to be opening an Escrow account, you will sign paperwork related to that account. If you are waiving Escrow, you will sign paperwork stating that.

Most home sales involve the signing of some or all of these documents, but keep in mind that the actual documents you review and sign at your closing may vary, as each home sale is different.

Understand The Home Closing Process Paperwork: Work with Maple Tree Funding

If the closing process feels daunting to you, don’t worry – you’re not alone. Thousands of homeowners have been in your shoes and felt the same way.

Want help navigating the mortgage process and understanding the paperwork and documents involved in closing on a new home? If so, you’ve come to the right place.

At Maple Tree Funding, we help home buyers every step of the way during the mortgage process. From your initial application to the closing, we’ll guide you and make sure you understand every aspect of the experience. We’re not just a mortgage broker – we’re a partner and resource for our clients as they make their dream of homeownership a reality.

Give us a call today at 518-782-1202 or contact us online to get the conversation started and find out how we can help you become a new homeowner!

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