What to Keep From Your Escrow after Closing on Your Monterey Peninsula Home

1. The Real Estate Settlement Procedures Act (RESPA) statement. This is also called a HUD 1 statement. It breaks down and lists all costs related to the closing. This is necessary for your taxes after you sell your home or buy one.
   
2. The Truth in Lending Statement provides details and sums up the terms of your loan.
   
3. You need to keep the mortgage and the note. They spell out the legal terms of your loan obligation and the agreed-upon terms of repayment..
   
4. The deed transfers ownership of the property to you.
   
5. Affidavits swearing to various statements by each party. For instance , the sellers may sign an affidavit stating that they have not incurred any liens against the property.
   
6. Riders can affect your rights and are amendments to the sales. For instance , if you buy a condo, you might have an addendum outlining the condominium association’s rules and restrictions.
   
7. Insurance policies - they show a record and proof of your coverage.