Get the free Settlement statement - XMission

OMB No. 25020265 A. U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT B. SETTLEMENT STATEMENT 1. 4. TYPE FHA VA OF LOAN FHA 3. X CONE. INS. 2. 5. 6. FILE NUMBER: CONE. UNITS. 7. LOAN NUMBER 060973KG

How to fill out settlement statement - xmission

How to fill out settlement statement - xmission:

1. Start by gathering all the necessary documents such as the sales contract, loan documents, and any applicable disclosure forms.
2. Review the settlement statement form provided by xmission and familiarize yourself with its sections and fields.
3. Begin filling out the settlement statement by entering the buyer's and seller's contact information, including names, addresses, and phone numbers.
4. Provide details about the property being sold, such as its address, legal description, and any unique identifiers like parcel numbers.
5. Input the settlement date, which is the date when the transfer of ownership will take place and the parties involved will settle their financial obligations.
6. Fill in the purchase price of the property, as agreed upon by the buyer and seller.
7. Include any adjustments or prorations that need to be made, such as property taxes or homeowners association fees. These adjustments may be split between the buyer and seller based on the terms of the sales contract.
8. Enter any fees or charges associated with the transaction, such as real estate agent commissions, title insurance premiums, or loan origination fees.
9. Deduct any agreed-upon credits, such as earnest money deposits, seller concessions, or prepaid expenses.
10. Calculate the total amount due from the buyer and the amount due to the seller. Ensure all calculations are accurate and double-check for errors.
11. Complete any remaining sections of the settlement statement, including signatures from both parties and any required notarizations.
12. Keep a copy of the completed settlement statement for your records and provide copies to the buyer, seller, and any other relevant parties involved in the transaction.

Who needs settlement statement - xmission?

1. Homebuyers: Settlement statements are necessary for homebuyers as they provide a detailed breakdown of the financial aspects of the property purchase. It helps buyers understand their financial obligations, closing costs, and any adjustments that need to be made.
2. Home sellers: Sellers also require settlement statements to ensure they receive the correct amount of funds from the sale. It outlines the agreed-upon purchase price, any deductions, and credits they may be entitled to, and helps ensure a smooth transfer of ownership.
3. Real estate agents: Settlement statements are essential for real estate agents involved in the transaction. It provides them with a clear overview of the financial details and allows them to assist their clients throughout the closing process.
4. Lenders: Lenders involved in the transaction may require a settlement statement to document the financial aspects of the loan and ensure that all funds are appropriately allocated.
5. Title companies: Settlement statements are crucial for title companies as they help in preparing the final settlement statement, disbursing funds, and ensuring all legal and financial obligations are met during the transfer of ownership.

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