What Do I Do With All These Closing Papers?

As long as you own your home, you want to keep a copy of everything you sign. This checklist makes organizing easy.

As long as you own the property, keep a copy of everything you sign. This includes the:

  • HUD-1 Settlement Statement - An itemized list of all the costs associated with closing.
  • Truth in Lending Statement - A summary of the terms of your mortgage.
  • Note - Your promise to repay the loan.
  • Deed - The document that transfers the ownership of the property from the seller to you.

Keep all of these documents in a safe place for future reference -- you may find it helpful to store them together in a file labeled “Home,” rather than in a yearly overall tax file.

When it's time to file your income taxes, have your HUD-1 Settlement Statement handy. This document lists the real estate taxes and loan-discount points you paid at closing, which may be tax deductible. When you sell your home, your closing papers can help you prove capital gains and losses.

Besides your closing papers, keep all insurance documents in a safe place and maintain records and receipts of all home improvements you make. Improvements increase your home’s “cost basis,” which will be used to determine your profit for tax purposes when you sell your home. Learn more about the tax benefits of remodeling.

Keep Reading

Next Up

It's Closing Time!

Break out the pens and the bubbly.

Closing Costs: Adding Up the Details

Buying a home? Here's how to know what you—and your wallet—can expect from your final statement.

How to Keep Closing Costs Down

Buying a house? Here's how to make sure you're not surprised by what your final costs (interest rate, closing costs, mortgage payment) are.

HOA's: All for One and One for All?

The Home Owners Association usually bears responsibility for repairing condo building exteriors, but it doesn't always cover general maintenance. Read on to better understand your HOA's disclosures.

All About As-Is Offers

Here are some things to know if you're thinking of making an as-is offer on a home.

Tally Your Expenses — All of Them

Be honest about what you spend and what you can afford house-wise. These are the everyday expenses you need to consider when making a budget for your mortgage.

Anti-Checklist: What Not to Do Until You Close Escrow

Take a list of things to avoid before you close on your new house.

Get Your House Ready for its Close-Up

Make a good impression on potential buyers with these tips for staging your house and preparing for a sell.

Foreclosure Defined

Foreclosure is not the most cheerful thing to think about, but it is an element of reality every homeowner should be aware of and comprehend fully so they can avoid it.

The Red Flags of Mortgage Fraud

With mortgage brokers like these, you don’t need enemies. Know how to protect yourself from a scam.

On TV

Fixer Upper

7am | 6c

Fixer Upper

8am | 7c

Fixer Upper

9am | 8c

Fixer Upper

10am | 9c

Fixer Upper

11am | 10c

Fixer Upper

12pm | 11c
On Tonight
On Tonight

Hawaii Life

8pm | 7c

Hawaii Life

8:30pm | 7:30c

Island Life

9pm | 8c

Island Life

9:30pm | 8:30c

Mexico Life

10pm | 9c

Mexico Life

10:30pm | 9:30c

Caribbean Life

11pm | 10c

Caribbean Life

11:30pm | 10:30c

Island Life

12am | 11c

Island Life

12:30am | 11:30c

Mexico Life

1am | 12c

Mexico Life

1:30am | 12:30c

Caribbean Life

2:30am | 1:30c

Hawaii Life

3am | 2c

Hawaii Life

3:30am | 2:30c

Shop This Look

Found a living space you love in HGTV's Photo Library? Get the look in your own home with products from Wayfair.

Follow Us Everywhere

Join the party! Don't miss HGTV in your favorite social media feeds.