What You Sign At Closing
 During the closing both you and the seller will encounter and sign many forms. Below is a list of the most common:
Truth-in-Lending Statement: Also known as Regulation Z document. Contains the full disclosure of the annual percentage rate, amount financed and the total cost of the loan over its life. Signed by the buyer.
Itemization of Amount Financed: Summarizes and explains the prepaid finance costs - which are subtracted from the total loan amount - mentioned on the Truth-in-Lending statement. Signed by buyer.
HUD-1 Settlement Statement: Itemizes the details of the financial transaction between the buyer and the seller. Contains all real estate closing costs, plus costs to the borrower. Signed by the buyer and seller.
Monthly Payment Letter: Shows the total monthly payment, itemizing the portions for principal, interest, taxes, insurance premiums and other monthly escrows. Signed by the buyer.
Promissory Note: The actual agreement between the borrower and lender, explicitly stating the terms of the loan including the amount, interest rate, and terms. In effect, this is an IOU. Signed by the buyer.
Mortgage: A document showing that a lien is being placed against a property. It allows the lender to foreclose the property in case the borrower defaults. Signed by the buyer.
Warranty Deed: The document that transfers the title of the property from seller to buyer. Signed by the seller.
Tax Proration Agreement: Buyer and seller agree to cooperate in re-prorating the property taxes in the following year once the actual bill is known. In theory, taxes should be re-prorated with every deal. In practice, this agreement is invoked only when there is a major change in the property tax bill. Signed by buyer and seller.
Homeowner's Dues Proration Agreement: Same as the tax proration agreement, except that it addresses homeowner's dues. Signed by buyer and seller.
Name affidavit: Certifies that the parties at the closing are known by the names they are using in the transaction. If one of the parties has a former name or did business under another name, the affiant makes that fact known. Signed by buyer and seller.
Acknowledgment of survey and termite reports: Assures that buyer has seen the survey and termite reports. Signed by the buyer.
Borrowers affidavit: Requires borrower to state that they have not altered the property in any way that might cloud the title. Signed by the buyer.
Seller's affidavit: Requires sellers to state that they have not altered the property in any way that might cloud the title. Signed by the seller.
1099 form: An Internal Revenue Service form that reports the gross proceeds from the transaction. Signed by the seller.
Confirmation of payoff: A report of where money is being paid to redeem liens placed against the property. Signed by the seller.
Non-foreign owners notice: Notifies the buyer that if the seller is a foreigner and leaves the country without pa | 
