Get the free Closing Settlement Statement

Este formulario resume los costos y ajustes financieros durante el cierre de una transacción de bienes raíces, detallando los precios de venta, los gastos asociados, y los saldos correspondientes

How to fill out closing settlement statement

How to fill out Closing Settlement Statement

1. Review the property details including the address and the date of closing.
2. List the buyers and sellers' names, along with their respective contact information.
3. Detail the purchase price of the property.
4. Include loan information if applicable, such as loan amounts and interest rates.
5. Enumerate all closing costs, including title search fees, attorney fees, and any commissions.
6. Show prorated amounts for property taxes and any homeowner association fees.
7. Provide a total of all funds due from the buyer and any credits or payments from the seller.
8. Ensure all figures are accurate and double-check for any missing information.
9. Sign the statement where required.

Who needs Closing Settlement Statement?

1. Homebuyers who are purchasing property.
2. Sellers who are transferring ownership of property.
3. Real estate agents managing the transaction.
4. Lenders financing the buyer's purchase.
5. Title companies handling the closing process.
6. Attorneys representing either party in 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 the final terms and costs associated with a real estate transaction. It provides a detailed account of the transaction, including the buyer's and seller's financial obligations.

Who is required to file Closing Settlement Statement?

The Closing Settlement Statement is typically prepared by the closing agent or attorney involved in the real estate transaction. Both the buyer and seller receive copies of the statement, but it is the responsibility of the lender to ensure it is completed for transactions involving a mortgage.

How to fill out Closing Settlement Statement?

To fill out a Closing Settlement Statement, the closing agent must gather financial information from both the buyer and seller, including purchase price, deposits, loan details, and closing costs. The statement is then itemized to reflect debits and credits for each party, ensuring all costs are accounted for.

What is the purpose of Closing Settlement Statement?

The purpose of the Closing Settlement Statement is to provide a transparent overview of all financial details for a real estate transaction. It ensures both parties understand their financial obligations and serves as a legal record of the closing process.

What information must be reported on Closing Settlement Statement?

The Closing Settlement Statement must report details such as the purchase price, loan amounts, mortgage interest rate, closing costs, prepaid items, adjustments for property taxes, and any other fees or credits applicable to the transaction.