Last updated on Apr 9, 2016
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What is Settlement Statement
The Great Choice Plus Settlement Statement is a closing document used by borrowers in Tennessee to detail settlement costs for real estate transactions.
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Settlement Statement is needed by:
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Homebuyers in Tennessee
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Real estate agents assisting clients
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Mortgage brokers involved in funding
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Tennessee Housing Development Agency representatives
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Closing agents managing transactions
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Legal professionals overseeing real estate deals
Comprehensive Guide to Settlement Statement
What is the Great Choice Plus Settlement Statement?
The Great Choice Plus Settlement Statement is a crucial document in Tennessee real estate transactions. This form, overseen by the Tennessee Housing Development Agency (THDA), is designed to summarize the settlement costs and charges incurred by the borrower during the closing process. It provides a transparent overview of the expenses associated with the loan, ensuring that borrowers are fully informed about their financial commitments.
This document serves as an essential artifact in real estate dealings, detailing all pertinent settlement costs, thus facilitating a smoother closing experience.
Purpose and Benefits of the Great Choice Plus Settlement Statement
The Great Choice Plus Settlement Statement plays a vital role for both borrowers and real estate professionals. It fosters transparency during the closing process, helping parties verify and understand all aspects of settlement costs and borrowing conditions. With a comprehensive document at hand, borrowers can maintain accurate records, which are beneficial for future reference.
Furthermore, this form helps ensure that borrowers are aware of all charges that may affect their overall costs, thus allowing for better financial planning.
Key Features of the Great Choice Plus Settlement Statement
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Fillable fields including 'Name and Address of Borrower(s)', 'Property Location', and 'Settlement Date'
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Essential components such as loan amounts, recording fees, and related expenses
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Signature lines allocated for borrower validation
These features are critical for ensuring that the document meets all legal requirements, allowing for an efficient transaction process.
Who Needs the Great Choice Plus Settlement Statement?
The primary user of the Great Choice Plus Settlement Statement is the borrower, who is required to complete and sign the form during the real estate transaction. However, real estate professionals, including agents and lenders, may also need access to this document.
There are specific scenarios where having the Great Choice Plus Settlement Statement is necessary, such as applying for loans or when finalizing property purchases.
How to Fill Out the Great Choice Plus Settlement Statement Online
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Begin by entering your details in the designated fields, ensuring all information is accurate.
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Utilize pdfFiller to create a fillable form electronically, simplifying the process.
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Review all fields carefully against the checklist to confirm accuracy before submission.
This structured approach guarantees a complete and error-free form ready for submission.
How to Sign or Notarize the Great Choice Plus Settlement Statement
In Tennessee, having the Great Choice Plus Settlement Statement signed is mandatory. Borrowers can choose between digital signatures or traditional wet signatures based on their preference.
While notarization is typically not required for this form, understanding its implications can be crucial for meeting specific transaction criteria. pdfFiller facilitates eSigning, providing a secure alternative for document validation.
Where to Submit the Great Choice Plus Settlement Statement
After completing the Great Choice Plus Settlement Statement, borrowers must submit it to the designated office or department as stipulated in the closing instructions. This may include filing fees and adhering to specific deadlines.
It's important to be aware of tracking options available for confirming submission and processing, ensuring that the document is in good standing with the receiving agency.
What Happens After You Submit the Great Choice Plus Settlement Statement?
Upon submission, the Great Choice Plus Settlement Statement typically undergoes processing within a set timeline. Borrowers can check the status of their submission, allowing for timely follow-ups.
In the event of a rejection, potential reasons and corrective actions should be understood to facilitate re-submission effectively.
Security and Compliance for the Great Choice Plus Settlement Statement
Security is paramount when handling the Great Choice Plus Settlement Statement. Keeping personal data secure throughout the form completion and submission process is essential. pdfFiller adheres to stringent compliance standards, including HIPAA and GDPR, ensuring that users can trust the safety of their documents.
This commitment to privacy and data protection reinforces the reliability of pdfFiller in managing sensitive information.
Leverage pdfFiller for Your Great Choice Plus Settlement Statement Needs
Using pdfFiller simplifies the process of creating, filling out, and signing the Great Choice Plus Settlement Statement. The platform offers user-friendly features that streamline complex forms, enhancing the overall user experience.
By utilizing pdfFiller’s services, borrowers can effectively manage their real estate closing documents, combining convenience with secure handling of sensitive information.
How to fill out the Settlement Statement
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1.Access the Great Choice Plus Settlement Statement on pdfFiller by searching for the form name in the search bar or navigating through the Real Estate Forms category.
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2.Once the form is opened, familiarize yourself with the interface. Locate the fillable areas marked for completion, such as personal information, property details, and amounts.
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3.Before starting, gather the necessary information including your name, property address, loan amounts, and estimated settlement charges to ensure accurate completion.
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4.Begin filling in the required fields starting with 'Name and Address of Borrower(s)' at the top of the form. Proceed methodically, ensuring no field is left blank that requires your input.
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5.Pay special attention to the section detailing 'Settlement Costs', accurately inputting all relevant fees and charges associated with your transaction.
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6.Review the filled form for any errors or omissions. Ensure all fields are completed accurately to prevent delays during processing.
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7.Once satisfied, save your work using pdfFiller's saving options. You can download a PDF copy of the completed form or send it directly for submission via email.
Who is eligible to use the Great Choice Plus Settlement Statement?
The Great Choice Plus Settlement Statement is intended for borrowers involved in real estate transactions in Tennessee, particularly those utilizing financing from the Tennessee Housing Development Agency.
Are there any deadlines for completing this form?
While specific deadlines may vary based on individual transactions, it’s advisable to complete the Great Choice Plus Settlement Statement before the scheduled closing date to ensure all documentation is ready.
How should I submit the completed settlement statement?
The completed Great Choice Plus Settlement Statement should typically be submitted to your closing agent or lender prior to the closing meeting. Check with them for specific submission instructions.
What supporting documents do I need to complete this form?
To fill out the Great Choice Plus Settlement Statement, you will need personal identification, the purchase agreement, loan estimates, and any previous disclosures that apply to your transaction.
What common mistakes should I avoid when filling out this form?
Common mistakes include missing required fields, entering incorrect amounts for settlement costs, and overlooking signature requirements. Always double-check your information before submission.
How long does it take to process the Great Choice Plus Settlement Statement?
Processing times can vary, but generally, once submitted, expect the Great Choice Plus Settlement Statement to be reviewed within a few business days, depending on the closing services involved.
Do I need to notarize the Great Choice Plus Settlement Statement?
No, notarization is not required for the Great Choice Plus Settlement Statement, but you do need to ensure that it is signed by the borrower.
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