AFTER CLOSING

What happens after the closing?

CONGRATULATIONS!!!!

You just received your new keys... we truly hope that you enjoy your new home. Thank you for allowing us to serve you and we hope that we can continue to provide you with additional services as your life changes.

Because we know how much more there's is to do after a closing, we have set up a Category with suggestions to help you in your transition to move into your new home.

In our MARKETPLACE gategory you will find links to help you establish all your utilities and much more... such as Florida Power & Light, Bellsouth, AT&T, change of mailing address, etc. We hope that you find it useful.

Good Luck!!

After Home Closing, which documents should I keep?

You should maintain a completed file after your closing on your home or refinance of your property, which means collecting copies of every document that was signed during your transaction with the seller/lender. You don't really need originals, but you should have fully executed documents with all parties' signatures. You should consider keeping these documents for at least a few years after you eventually sell your home. For some who will never sell, that means indefinitely.

We provide a copy of all closing documents at the closing table.

We will keep a copy of all closing documents however, if you require new copies or additional copies, there’s a storage fee that we typically charge to search for your file in order to provide you with any request.

The deed and mortgage documents are filed at the county recorder and become a public record, meaning you can always obtain a copy of those documents from the recorder's office or from a title company.

Closing Documents to Keep as Photocopies after Home buying...

The main reasons to keep the following documents are for future reference -- meaning for your own review -- or in the event you need to file a claim.

Purchase Agreement
Contract to buy the home, which sets forth all the terms and conditions required for closing.

Addendums, Amendments or Riders
Anything that alters or amends the terms of your purchase contract.

Requests for Repair
Any monetary agreements or contracts to repair items.

Seller Disclosures
Includes material facts, lead-based paint, transfer disclosure statement, and any other written warranties, guarantees or disclosures the seller provides.

Escrow Instructions, if any
Supercedes the purchase contract and spells out the terms and conditions of the agreement between buyers and sellers. Authorizes escrow to perform specific acts on behalf of the parties involved.

Home Inspection
Summary of a home inspector's findings, pointing out which items are in good condition and which are in need of repair or replacement. Should include photos. If this is a digital file, copy it to a CD.

Pest Inspection and Completion Certificate
Copy of report from pest inspection company and certification that the work has been completed. In California, for example, pest inspections are on file for two years at the state.

Other Inspections and Work-Related Documents
Any other inspections or work that was performed.

Home Warranty Plans
Includes the policy number and contact information for repair calls. Also outlines what is covered under a home warranty plan.

Truth-in-Lending Statement
Itemizes month-by-month your unpaid principal balance and mortgage payments, including your annual percentage rate.

Estimated Closing Statement
The initial estimate of all charges and credits for buying the home.

Promissory Note and Mortgage
Often, the note is not recorded, and you will not receive the original note until it is paid in full. The mortgage will show your principal balance and terms of your loan as required by the lender.

Insurance Policy
Terms, conditions, premium notice and policy number for your home owner's insurance.

Title Policy
Lays out your vesting, dollar amount of title insurance, and exceptions to coverage. Contains the name of the title company, date of issuance and policy number.

Closing Documents to Keep as Originals After Home Buying

If you lose either of these documents, you can obtain a certified copy from the closing agent or from your real estate agent. For example, I always mail a certified copy of the HUD-1 to all my clients prior to tax time (because they often misplace it).

HUD-1 Settlement Statement
Contains all the official charges and credits of your home purchase. You will need this copy for filing your personal taxes for that calendar year because some items may be tax deductible.

Deed
Title transfer document returned by the County Recorder's office after being placed in the public records. Contains how you hold title, the name of the sellers giving you title and the property's legal description.

Southcoast GUARANTEED Mortgage Corp. - 10121 W Sample Rd. - Coral Springs, FL 33065
Office Phone: (954) 755-4663 Fax: (954) 755-8550 Email: info@sgmfl.com

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