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This document is a Settlement Statement used for transactions involving real estate, specifically when there are no sellers involved. It details the costs associated with the settlement process, including

How to fill out settlement statement

How to fill out Settlement Statement

1. Begin with the general information section: Enter the names and addresses of the buyer and seller, along with the property address.
2. Itemize the services and fees: List all services provided and their respective costs, including title insurance, attorney fees, and recording fees.
3. Include loan information: For buyers obtaining financing, provide details about the loan amount, interest rate, and loan type.
4. Detail the adjustments: Calculate prorated expenses like property taxes and homeowners association fees, indicating who pays what.
5. Review credits and debits: Ensure to accurately reflect any credits owed to the buyer or seller, such as earnest money deposits.
6. Calculate totals: Add up the debits and credits for both buyer and seller to present clear totals due.
7. Finalize and sign: Review the completed Settlement Statement with involved parties for accuracy and obtain signatures.

Who needs Settlement Statement?

1. Homebuyers who are purchasing property and need to understand the costs involved.
2. Home sellers who must review the fees and deductions related to their sale.
3. Real estate agents who use the statement to assist clients during the closing process.
4. Lenders and mortgage companies that require a detailed breakdown of transaction costs.
5. Title companies responsible for preparing and reviewing the statement at closing.

New HUD-1a approved by the Secretary of Housing and Urban Development for use when there is no Seller. For use for refinancing. This form is in fillable PDF format. This form is designed to be printed on legal size. 8 1/2 by 14.

People Also Ask about

When should a seller receive a settlement statement?

The settlement statement, which for any bank-funded residential purchase is called a "closing disclosure," must be prepared by the lender and circulated at least three business days prior to the closing.

When should I get a settlement statement?

The settlement statement, which for any bank-funded residential purchase is called a "closing disclosure," must be prepared by the lender and circulated at least three business days prior to the closing.

What is the most commonly used form for settlement statements?

The closing statement should include basic information about the property, such as the address, when it was built, and the type of structure (i.e., single-family home, multifamily home, manufactured home, etc.). Financial information. Shows the home's purchase price, deposits paid by the buyer, and seller credits.

Who typically delivers the settlement statement to the buyer?

The settlement statement can be provided to the homebuyer and seller by the mortgage lender, a settlement agent, a title company or a real estate attorney.

Is a settlement statement the same as a HUD-1?

The HUD-1 form, also known as the Settlement Statement, is a standardized form used in real estate transactions in the United States.

When should the seller receive the closing disclosure?

By law, you must receive your Closing Disclosure at least three business days before your closing.

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.

For pdfFiller’s FAQs

What is Settlement Statement?

A Settlement Statement is a document that outlines the final details of a real estate transaction, including the costs and credits involved.

Who is required to file Settlement Statement?

Typically, the lender is required to prepare and file the Settlement Statement as part of the mortgage closing process.

How to fill out Settlement Statement?

To fill out a Settlement Statement, you will need to list all financial transactions related to the sale, including the purchase price, loan amounts, and any additional fees or adjustments.

What is the purpose of Settlement Statement?

The purpose of the Settlement Statement is to provide a clear and comprehensive account of the financial aspects of the transaction for both buyers and sellers.

What information must be reported on Settlement Statement?

The Settlement Statement must report buyer and seller information, loan details, costs of the transaction, adjustments for taxes, and any fees associated with the sale.