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A document used to detail the financial aspects of a real estate transaction, including sales prices, expenses, and final balances due to/from the seller and buyer.

How to fill out closing settlement statement

How to fill out Closing Settlement Statement

1. Gather necessary documents including purchase agreement, loan details, and local closing guidelines.
2. Review the buyer's and seller's information to ensure accuracy of names and addresses.
3. Fill in the property details like address and legal description.
4. List all closing costs, including title insurance, appraisal fees, and attorney fees.
5. Calculate and include any taxes, insurance, and prorated amounts.
6. Ensure all credits and debits are correctly documented for both buyer and seller.
7. Double-check all calculations to ensure correctness.
8. Provide space for signatures of all parties involved.

Who needs Closing Settlement Statement?

1. Buyers and sellers involved in a real estate transaction.
2. Lenders providing financing for the property purchase.
3. Real estate agents facilitating the transaction.
4. Title companies handling the closing process.
5. Attorneys representing either party in the transaction.

This Closing Statement is for a real estate transaction where the transaction is a cash sale or provides for owner financing. This settlement statement is verified and signed by both the seller and the buyer.

People Also Ask about

What is the closing disclosure of a settlement statement?

A Settlement Statement provides a comprehensive breakdown of financial details, including fees and credits, given to both parties at closing. In contrast, a Closing Disclosure is a specific type of Settlement Statement mandated under TILA-RESPA Integrated Disclosure rules.

Who completes the settlement statement?

On a cash deal, the settlement statement is prepared by the settlement agent, which in almost all cases is the purchaser's attorney's office, and typically the statement is not completed and circulated until one or two days before the scheduled closing date.

Does the seller get a settlement statement?

The HUD-1 Settlement Statement is a document that lists all charges and credits to the buyer and to the seller in a real estate settlement, or all the charges in a mortgage refinance. If you applied for a mortgage on or before October 3, 2015, or if you are applying for a reverse mortgage, you receive a HUD-1.

What is a closing statement in a settlement?

The closing statement, also called a closing disclosure or settlement statement, is essentially a comprehensive list of every expense that the buyer and/or seller must pay to complete the purchase of a home.

Who prepares a settlement statement?

Who prepares the settlement statement? Whoever is facilitating the closing — whether it be a title company, escrow firm, or real estate attorney — will be responsible for preparing the settlement statement.

What is a closing statement in English?

A closing statement is a document that records the details of a financial transaction. A homebuyer who finances the purchase will receive a closing statement from the bank, while the home seller will receive one from the real estate agent who handled the sale.

Who signs the settlement statement?

Borrowers are usually required to review and sign a closing, or settlement, statement, to fully complete the lending process and receive their loan. The signing of the settlement statement binds all of the terms associated with a loan.

For pdfFiller’s FAQs

What is Closing Settlement Statement?

A Closing Settlement Statement is a document that outlines the final details of a real estate transaction, including the sale price, closing costs, and any adjustments made between the buyer and seller.

Who is required to file Closing Settlement Statement?

Typically, the Closing Settlement Statement is prepared by the closing agent or attorney and is required to be filed by the party handling the closing, which may include the lender, seller, or title company.

How to fill out Closing Settlement Statement?

To fill out a Closing Settlement Statement, gather all financial details related to the transaction, including loan amounts, fees, and commissions. Then, list all debits and credits for both the buyer and seller, ensuring that the totals match.

What is the purpose of Closing Settlement Statement?

The purpose of the Closing Settlement Statement is to provide a detailed account of all financial transactions related to the purchase of a property, ensuring transparency and clarity for both the buyer and seller.

What information must be reported on Closing Settlement Statement?

The Closing Settlement Statement must report information such as the sale price, loan amounts, closing costs, pro-rated property taxes, commission fees, and any other financial adjustments pertinent to the transaction.