Document Preparation
    
               
   
There are several other documents that must be prepared before the closing. They include:
    
               
   
HUD 1 settlement statement. This is an itemized list of the credits and charges, for both you and the seller, based on the contract terms.
    
               
   
   
               
   
Loan Documents. The final loan documents grant your lender a lien against the property in order to secure the repayment of your loan. These documents include a promissory note, which is your legal promise to repay the loan, and a deed of trust/mortgage--the instrument that is recorded in the public records.
    
               
   
The deed. The deed transfers ownership of the property to you. The deed must contain a legal and accurate description of the property.