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This document outlines the financial details involved in the closing of a real estate transaction, including sales prices, expenses, and adjustments between the seller and buyer.

How to fill out closing settlement statement

How to fill out Closing Settlement Statement

1. Obtain the Closing Settlement Statement template from your lender or real estate agent.
2. Fill out the buyer's and seller's information at the top of the form, including names and addresses.
3. Enter the property address in the designated section.
4. Itemize the sale price of the property under the relevant section.
5. List any credits or debits associated with the transaction, such as earnest money deposits or inspection fees.
6. Include any additional closing costs, such as title insurance, escrow fees, and loan origination fees.
7. Calculate total debits and credits to find the final amount due or the net proceeds from the sale.
8. Review the statement for accuracy and ensure all items are accounted for.
9. Present the Closing Settlement Statement to all parties for review and signatures at closing.

Who needs Closing Settlement Statement?

1. Homebuyers who are purchasing property.
2. Home sellers finalizing the sale of their property.
3. Lenders who provide financing for the transaction.
4. Real estate agents involved in the buying or selling process.
5. Title companies handling the closing process.

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 detailed document that outlines all financial aspects of a real estate transaction, including the sale price, closing costs, and adjustments.

Who is required to file Closing Settlement Statement?

Typically, the seller's and buyer's agents or the closing attorney are responsible for preparing and filing the Closing Settlement Statement as part of the closing process.

How to fill out Closing Settlement Statement?

To fill out a Closing Settlement Statement, enter the purchase price, identify all fees and charges, allocate costs between buyer and seller, and include any relevant adjustments for items like taxes or utilities.

What is the purpose of Closing Settlement Statement?

The purpose of the Closing Settlement Statement is to provide a clear and comprehensive record of all financial transactions related to the property sale, ensuring transparency and accountability.

What information must be reported on Closing Settlement Statement?

The Closing Settlement Statement must report the purchase price, all closing costs, escrow fees, title insurance fees, and any adjustments for prepaid or outstanding expenses related to the property.