Closing is an exciting stage of home-buying for Miami real estate property buyers. At this point, you’ve finished all the grueling stages of buying a home and are only waiting to move in. But before you will be able to do so, practice your signature first because there are tons of paperwork you have to sign.

Documents, documents, documents

There are several documents involved when you're about to close on the Miami real estate property. The number is not merely as important as the content. You need to understand what is stated within each document before you sign them. Furthermore, make sure you have a copy of every document you are signing, which include the following:

Note

The note includes the terms which basically state your promise to pay the loan you took out to purchase the Miami real estate property. The note will also include the terms of your payment, including date of payment, location, penalties and other relevant information.

Lending statement

After three days of your loan application, your lender should provide you with a truth-in-lending statement. This document will state the terms of the loan, true APR, amount financed, finance charge, and the total payments required.

Deed of Trust

The mortgage or deed of trust is the lien against your property held by your lender. This document provides your lender rights to claim your property if you default in your payments. You must make sure that the information stated within the document is true and contest any discrepancy.

Affidavits

There are certain affidavits that you might be required to sign depending on your situation or how you purchased the property. For instance, you might be required to sign an affidavit stating that you'll use the home as your primary residence. There are several kinds of affidavits involved in home-buying. Be sure to read all of them before you sign any.

IRS forms

The IRS will also require you to sign a form for the purchase of the home.

Disclosure statements

This is only necessary if the lender plans on selling your loan to a secondary market. You must receive and sign this document to acknowledge the fact that you know your lender is indeed selling your loan.

Compliance agreements

This document states that you agree to re-sign documents if errors are found.

Sanity documents

Lastly, this document states that you have not been declared mentally unfit to purchase the Miami real estate property, employed at the same job and are over 18 years of age. There are also other several details associated but they mostly deal with your eligibility to purchase and own the house.

Mark Michael Ferrer
Miami Real Estate