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A document used in real estate transactions to itemize the financial aspects of the closing, including sales price, down-payment, expenses, and adjustments between the seller and buyer.

How to fill out closing settlement statement

How to fill out Closing Settlement Statement

1. Obtain a copy of the Closing Settlement Statement from your lender or closing agent.
2. Review the top section for the basic information such as the property address, buyer, and seller details.
3. Fill in the loan amount and any down payment made by the buyer.
4. List all closing costs, including lender fees, title insurance, and taxes, ensuring to itemize each cost.
5. Calculate the total amount due from the buyer by summing the closing costs and subtracting any credits or deposits.
6. Review the seller’s section to ensure all expenses related to the sale are documented.
7. Verify all figures for accuracy before signing the statement.

Who needs Closing Settlement Statement?

1. Buyers and sellers involved in a real estate transaction.
2. Lenders who provide the mortgage for the buyer.
3. Real estate agents who represent the buyers and sellers.
4. Title companies that facilitate the closing process.
5. Accountants or financial advisors assisting clients with 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, also known as a HUD-1 Settlement Statement, is a document that outlines all the financial details of a real estate transaction, itemizing all costs and fees associated with the purchase of a property.

Who is required to file Closing Settlement Statement?

The Closing Settlement Statement is typically prepared by the closing agent or attorney involved in the transaction, and it must be provided to both the buyer and seller of the property, as well as any lenders involved.

How to fill out Closing Settlement Statement?

To fill out a Closing Settlement Statement, one must gather all relevant information regarding the transaction, including purchase price, loan details, and closing costs, and then itemize these expenses in the appropriate sections of the form, ensuring all calculations are accurate.

What is the purpose of Closing Settlement Statement?

The purpose of the Closing Settlement Statement is to provide a clear and detailed account of all financial transactions related to the sale of a property, serving as a final summary that both parties can review before closing.

What information must be reported on Closing Settlement Statement?

The information that must be reported on a Closing Settlement Statement includes the purchase price, loan amounts, closing costs, prorated taxes, prepaid items, and any credits or debits for the buyer and seller.