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A document outlining the final financial settlement in a real estate transaction, detailing sales prices, down-payments, expenses, balances, adjustments, and certifications by sellers and buyers.

How to fill out closing settlement statement

How to fill out Closing Settlement Statement

1. Gather all necessary documentation including purchase agreement, loan documents, and title information.
2. Review the Closing Disclosure form that outlines all the costs associated with the transaction.
3. Fill in the buyer's and seller's information at the top of the statement.
4. Itemize the closing costs including real estate commissions, loan fees, and prepaid taxes.
5. Include any adjustments for taxes or utilities that have been paid or are owed.
6. Calculate the total closing costs and any remaining balance that the buyer or seller will receive or owe.
7. Review the final statement for accuracy and ensure all parties understand the figures before signing.

Who needs Closing Settlement Statement?

1. The buyer, who needs to understand their financial obligations during the closing process.
2. The seller, who needs to review the proceeds from the sale along with their associated costs.
3. Real estate agents, who assist in ensuring that all figures are accurate and that clients are informed.
4. Lenders, who require the statement to finalize loan documentation and funding.
5. Title companies, who prepare and verify the accuracy of the Closing Settlement Statement.

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 formal document used in real estate transactions that outlines all the costs and fees associated with the sale of a property.

Who is required to file Closing Settlement Statement?

Typically, the lender and the closing agent are responsible for preparing and filing the Closing Settlement Statement, but it must be provided to all parties involved in the transaction, including buyers and sellers.

How to fill out Closing Settlement Statement?

To fill out a Closing Settlement Statement, you need to gather all relevant financial information about the transaction, including purchase price, loan details, closing costs, and any additional fees, and accurately complete the designated sections of the form.

What is the purpose of Closing Settlement Statement?

The purpose of the Closing Settlement Statement is to provide a detailed account of all financial transactions involved in the closing process, ensuring transparency and that all parties understand their financial obligations.

What information must be reported on Closing Settlement Statement?

The Closing Settlement Statement must report information such as the purchase price, deposit amount, loan terms, closing costs, prorated taxes, and any additional fees or credits related to the transaction.