Mortgage Closing Documents

A Lengthy Paper Trail

Mortgage closing documents are an endless stack of paper, each requiring a fresh signature by both buyers and sellers. For lenders and attorneys, this paperwork can be a grueling headache. For buyers and sellers, writer's cramp is inevitable.

At the date of closing, the attorney, buyer, seller, notary, real estate agent and lender all gather around a table to finalize the purchase and sale of a home. Once the identity of the buyer and seller have been verified by the notary, the attorney begins the arduous process reviewing the mortgage closing documents. The lawyer will often explain each of the documents so as to confirm all involved are willingly and knowingly entering in to this agreement.

Some Mortgage Closing Documents

Some of the documents included in this process are a truth in lending statement, HUD settlement statement, a mortgage note, the property deed and a monthly payment letter. Once you have initialed and signed in all applicable places you are presented with some additional documents for review. An occupancy affidavit, servicing disclosure and signature affidavit must also be signed in front of the attorney and notary.

Once you have completed these documents, the notary agent will verify the documents complete. The seller is presented with a check and the buyer hands over a check for the amount due at closing. Upon exchange, the agreement is complete.