Closing Documents
The materials involved in a closing include items such as mortgage loan documents, disclosures, homeowners association items, metro district items, a statement of closing costs and adjustments, and the Classic Homes Limited Warranty agreement. You can also expect correspondence from your title company and your homeowners association.
We suggest that you store the legal documents from your closing in a safe place with other valuable papers. You will need them for tax purposes and when you refinance or sell your home.
General Warranty Deed
The general warranty deed conveys the home and lot to you, subject only to permitted exceptions.
Title Commitment
At or before closing, we will deliver to you a standard form for an American Land Title Association (ALTA) owner's title insurance commitment to insure salable title of your home to you in the amount of the purchase price, subject to the permitted title exceptions described in the purchase agreement.
The title insurance company will mail the actual policy in the weeks following the closing. When you receive this, keep it in a safe place with your other important papers. What you will see on the day of closing is a commitment to issue the policy.
Lenders require title insurance in the amount of the mortgage. This insurance protects the lender in the event the title search missed anything. Review the title commitment carefully, and discuss any questions with your title company.
Classic Homes Limited Warranty
We provided a copy of the Classic Homes Limited Warranty for your review when you signed the purchase agreement. It is also available in your portal.
Promissory Note
The promissory note is from you, payable to the lender, in the principal amount of the loan plus interest. One-twelfth of your annual taxes and homeowner's insurance will be added to the principal and interest payment to determine your total monthly payment.
Deed of Trust
This document encumbers your home as security for repayment of the promissory note.
Homeowners Association (HOA) Documents
You will sign a disclosure at closing confirming that you received your homeowners association covenants, conditions, and restrictions; the association bylaws; and the articles of incorporation when you wrote your purchase agreement. Classic Homes recommends that you read these carefully. Access to these documents is available from your Community HOA and/or Metro District. The provisions they contain will be enforced. Further details about the homeowners association can be found in Chapter 8, HOA.