Record Keeping

Whether you own or rent property, keeping accurate and thorough records is very important. These records are your insurance against lenders or creditors who claim you did not make a payment, or contractors and other professionals with whom you might have a dispute. Keep copies of the following records on your property, and the originals in a safe deposit box:

Records of your purchase and ownership of the property:

• Receipts for any expenses on or before the closing
  
• Copy of the Mortgage
  
• Copy of the Mortgage Note
  
• Copy of the Deed of Trust
  
• Copy of the Truth-in-Lending Disclosure
  
• Copy of the HUD-1 (if applicable)
  
• Your warranties on the property
  
• FHA- or VA-related documents (if applicable)
  
• Copies of other vital records
  

• Copy of hazard or property owner insurance policy
  
• Mortgage, life or flood insurance policies
  
• An inventory of your personal property, kept on the premises, and its value. Include any equipment and supplies used in the production of your artwork. Take photographs of everything
  
• Documentation of your own artwork and its value. Many property insurance policies will not cover your artwork or in-home studio, so you might need to amend or supplement your existing policy to obtain that coverage. See Chapter 20: Insurance for information on insurance.

• Utility bills and receipts
  
• Receipts for any repairs, including labor and materials
  
• Warranties on any items that could be sold with the property, such as equipment and appliances
  
• Descriptions of improvements you’ve made to the property, and documents and receipts showing the cost of the work. Take before-and-after pictures.
  

• Receipts for all mortgage payments. A portion of your real estate taxes and mortgage interest payments are deductible from your federal income taxes.
  
• Annual statements from the lender showing how much principal and interest you have paid.
  
• Other receipts for local taxes or assessments you have paid.
  

• Reciepts for dues paid to Homeowners, Condominium or Co-operative Associations;
• Other receipts, such as maintenance expenses
• Copies of any contracts you have with contractors. In the event that a dispute arises, this will be your proof of the agreed-upon terms between both parties.
  
• Your inspection report.
  

Store your original documents in a safe deposit box in order to maintain a back-up in the event your copies become damaged, lost or destroyed. Copies may be used for most transactions, i.e. refinancing a mortgage, or making a claim.