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This document outlines the financial details related to the closing of a real estate transaction, including sales price, down-payment, balance, expenses, title search, recording fees, title insurance,

How to fill out closing settlement statement

How to fill out Closing Settlement Statement

1. Obtain the Closing Settlement Statement form from your lender or title company.
2. Review the property details at the top of the form to ensure accuracy.
3. Fill in the buyer's and seller's names and contact information.
4. Itemize all the closing costs, including loan origination fees, title insurance, and escrow fees.
5. Include the purchase price of the property and any deposits made.
6. Calculate credits or debits for adjustments, such as property taxes or homeowner association fees.
7. Ensure that all figures are correctly totaled and reflect the final amount due at closing.
8. Review the completed statement with all parties involved to confirm accuracy.
9. Sign and date the Closing Settlement Statement as required.

Who needs Closing Settlement Statement?

1. Buyers involved in a real estate transaction.
2. Sellers who are closing the sale of their property.
3. Lenders providing financing for property purchases.
4. Title companies handling the closing process.
5. Real estate agents or brokers facilitating 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 is a document that outlines the financial aspects of a real estate transaction, detailing all costs and fees associated with the closing process.

Who is required to file Closing Settlement Statement?

The Closing Settlement Statement must be prepared and filed by the closing agent or attorney handling the real estate transaction.

How to fill out Closing Settlement Statement?

To fill out a Closing Settlement Statement, gather all relevant financial information regarding the transaction, including costs for both the buyer and seller, and input the figures into designated sections of the form, ensuring accuracy and compliance with regulations.

What is the purpose of Closing Settlement Statement?

The purpose of the Closing Settlement Statement is to provide a clear breakdown of the financial terms of the sale, ensuring both parties understand all costs before the transaction is finalized.

What information must be reported on Closing Settlement Statement?

The Closing Settlement Statement must report information such as purchase price, prorated property taxes, closing costs, commissions, loan payoffs, and any other financial adjustments necessary for completing the transaction.