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Module 4
Steps for Buying a Home
Closing the Loan
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Closing Documents

Who is Responsible for Each Document
The following chart shows the types of documents needed for the closing and who is responsible for providing them.
Closing Documents
Closing Documents Purpose Prepared or Provided By
Deed Conveys title to the property Settlement agent
Note Promise to pay debt Lender
Mortgage (or Deed
of Trust)		 Establishes collateral for the mortgage loan Lender
Good Faith Estimate Discloses all closing costs Lender
HUD-1 Uniform
Settlement Sheet		 Show all credits and debits to seller and buyer Settlement agent
Truth-in-Lending
Statement		 Discloses all costs of credit Lender
Title Insurance Policy Protects both lender and owner from prior claims against the property Settlement agent
Homeowners Insurance Policy Protects lender and owner from physical damage and liability Insurance agent
Termite Inspection Report (if required) Insures that property is free of termite or other wood-boring insect damage Termite Inspector
Miscellaneous Affidavits Varies according to circumstances Lender or settlement agent

Be Prepared to Pay Your Down Payment and Closing CostsThe lender forwards a package of loan documents along with a check for the amount of the home loan to the settlement agent. You should request a copy of the HUD-1 statement at least 24 hours before closing in order to know the exact amount to bring. Bring a certified check to pay your down payment and closing costs. Cash or a personal check will not be accepted to pay your down payment and closing costs.

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