Get the free SETTLEMENT STATEMENT WORKSHEET

SETTLEMENT STATEMENT WORKSHEET Settlement ItemsBuyer\'s Debit Credit1 Brokers CommissionSeller\'s Debit Credit xx2 New Mortgage 3 Old Mortgagex4 Assad Mort, CFD, Owner Financing xx x5 Purchase Price 6

How to fill out settlement statement worksheet

How to fill out a settlement statement worksheet:

1. Gather all necessary information: Before filling out the settlement statement worksheet, gather all relevant documents and information such as the purchase contract, loan information, and details of any additional fees or expenses related to the settlement. This will ensure that you have all the required information at hand.
2. Start with basic details: Begin by filling in the basic details of the transaction, including the names of the buyer and seller, the property address, and the date of settlement. This information will serve as the foundation for the rest of the worksheet.
3. Document purchase price and fees: Fill in the purchase price of the property, including any additional fees or costs associated with the transaction. This may include appraisal fees, title insurance costs, real estate agent commissions, and other charges. It is essential to accurately list all the fees to provide an accurate representation of the settlement.
4. Include loan information: If there is a loan involved in the transaction, fill in the loan details on the worksheet. This includes the loan amount, the interest rate, and any additional costs associated with the loan, such as loan origination fees or discount points.
5. Detail prorated expenses: Prorated expenses are costs that are divided between the buyer and seller, such as property taxes, insurance premiums, and homeowner association fees. Calculate and enter these prorated expenses accurately on the worksheet, ensuring that both parties are responsible for their fair share.
6. Account for credits and debits: Note any credits or debits that are to be included in the settlement. Credits are amounts that the buyer or seller may have agreed to pay or receive as part of the transaction, such as seller concessions or earnest money deposits. Debits, on the other hand, are expenses that one party owes to the other, such as reimbursement for repairs or unpaid property taxes.
7. Calculate the final figures: Once all the necessary information has been filled out, calculate the final figures for both the buyer and seller. This should provide a clear breakdown of the amount due from the buyer and the amount due to the seller at the settlement.

Who needs a settlement statement worksheet?

1. Homebuyers: Homebuyers who are involved in a real estate transaction would typically need a settlement statement worksheet. It helps them understand the breakdown of costs associated with the purchase and ensures transparency throughout the settlement process.
2. Sellers: Sellers would also benefit from having a settlement statement worksheet. It allows them to see the expenses incurred during the transaction and the final amount they will receive at the settlement.
3. Real estate professionals: Real estate agents and brokers often use settlement statement worksheets to guide their clients through the settlement process. It helps them explain the financial aspects of the transaction and assists in ensuring a smooth closing.

In conclusion, filling out a settlement statement worksheet involves gathering relevant information, documenting details such as purchase price, fees, loan information, prorated expenses, credits, and debits, and calculating the final figures. This worksheet is useful for homebuyers, sellers, and real estate professionals involved in a real estate transaction.

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What is settlement statement worksheet?

The settlement statement worksheet is a document that outlines the financial details of a real estate transaction, including the final costs associated with the purchase or sale of a property.

Who is required to file settlement statement worksheet?

Buyers and sellers involved in a real estate transaction are typically required to file the settlement statement worksheet.

How to fill out settlement statement worksheet?

The settlement statement worksheet is usually filled out by a real estate agent, title company, or attorney involved in the transaction. It includes details such as the purchase price, closing costs, and any loan information.

What is the purpose of settlement statement worksheet?

The purpose of the settlement statement worksheet is to provide a detailed breakdown of the financial aspects of a real estate transaction, ensuring transparency and accuracy.

What information must be reported on settlement statement worksheet?

Information regarding the purchase price, closing costs, loan details, and any additional fees associated with the transaction must be reported on the settlement statement worksheet.