What documents should I keep when buying a home?

When buying a home in Iowa, it is important to keep several documents for your records. You should keep copies of the executed purchase agreement, the mortgage note, the deed of trust, the closing disclosure or settlement statement, and the homeowners insurance policy. The purchase agreement is a contract between you and the seller. It is written and signed when you make an offer to buy the home. It details the price, terms, and conditions of the purchase. The mortgage note is a document that explains the amount of the loan you are taking out to purchase the home and the terms of repayment. The deed of trust is a document that secures your interest in the property and makes sure that you will make timely payments on the loan. The closing disclosure or settlement statement is a document issued by the lender that outlines the closing costs, transaction fees, and other costs associated with the purchase. The homeowners insurance policy is a document that outlines the coverage that you will have on the property as well as details about the deductible and premiums. By keeping copies of these important documents, you will be able to refer back to them when necessary. It is also important to keep these documents for tax purposes, as they can be used to determine the amount of taxes that you can deduct for owning a home.

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What documents should I keep when buying a home?

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