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This document outlines the financial details of the closing process for a property sale, including sales price, down-payment, balance, expenses, and other adjustments between the seller and buyer.
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How to fill out closing settlement statement

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How to fill out Closing Settlement Statement

01
Obtain the Closing Settlement Statement form from your lender or real estate agent.
02
Review the property address and closing date to ensure accuracy.
03
Fill in the buyer's and seller's names and details.
04
List all closing costs and fees, including lender charges, title fees, and escrow amounts.
05
Provide adjustments for prorated taxes, utilities, and homeowners association fees.
06
Include the down payment and loan amount to calculate the final amount due.
07
Review for completeness and accuracy, ensuring all line items are accounted for.
08
Sign and date the document.

Who needs Closing Settlement Statement?

01
Buyers and sellers involved in real estate transactions.
02
Lenders and mortgage companies processing loans.
03
Real estate agents facilitating the transaction.
04
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.

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People Also Ask about

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.
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.
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.
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 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.
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.
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.

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A Closing Settlement Statement is a document that outlines the financial details of a real estate transaction, summarizing the charges and credits that are processed during the closing.
Both the seller and buyer are required to review and sign the Closing Settlement Statement, and it must be filed by the closing agent or attorney handling the transaction.
To fill out a Closing Settlement Statement, gather all related financial information, including purchase price, credits, debits, and fees. Organize the information in the designated sections of the form, ensuring accuracy and clarity.
The purpose of the Closing Settlement Statement is to provide a detailed account of the financial aspects of the closing, ensuring all parties understand their financial obligations and entitlements.
The Closing Settlement Statement must report information such as the purchase price, loan amount, property taxes, insurance costs, closing costs, any credits or concessions, and the final distribution of funds.
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