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This document serves as a closing settlement statement detailing the financial transactions involved in a real estate transaction between a seller and a buyer in Texas. It includes information such

How to fill out closing settlement statement

How to fill out Closing Settlement Statement

1. Obtain the Closing Settlement Statement from your real estate agent or attorney.
2. Review the document for accuracy, ensuring all personal and property details are correct.
3. List the purchase price of the property at the top of the statement.
4. Itemize the deposit made and any additional earnest money.
5. Include all loan amounts and fees associated with the mortgage.
6. Add closing costs such as title insurance, appraisal fees, and attorney fees.
7. Calculate the total amount due from the buyer and the amount due to the seller.
8. Review all adjustments, such as property taxes, and ensure they are correctly reflected.
9. Make sure both the buyer and seller sign the document at closing.

Who needs Closing Settlement Statement?

1. Homebuyers and sellers during the closing process.
2. Real estate agents and brokers involved in the transaction.
3. Lenders providing financing for the home purchase.
4. Title companies managing the closing process.
5. Attorneys representing either party.

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?

The Closing Settlement Statement, also known as the HUD-1 Settlement Statement, is a document that outlines all of the final costs associated with the sale of a property. It details the financial transaction between the buyer and seller, including itemized costs for the buyer and seller, as well as any adjustments for taxes, interests, and other fees.

Who is required to file Closing Settlement Statement?

The Closing Settlement Statement is typically required to be completed by the closing agent or escrow agent responsible for handling the transaction. It must be provided to both the buyer and seller of the property at the closing of the transaction.

How to fill out Closing Settlement Statement?

To fill out a Closing Settlement Statement, gather all necessary financial documents related to the transaction, including purchase contracts, loan documents, and estimates of taxes and fees. Then, itemize all costs incurred by both the buyer and seller, including the purchase price, down payment, loan fees, and any applicable credits. Ensure accuracy and clarity in calculations to reflect the total amounts due at closing.

What is the purpose of Closing Settlement Statement?

The purpose of the Closing Settlement Statement is to provide a detailed summary of the transaction and to ensure transparency between buyers and sellers regarding all costs and financial responsibilities involved in the property sale. It serves as a final accounting guide for both parties before the transfer of ownership.

What information must be reported on Closing Settlement Statement?

The Closing Settlement Statement must report various pieces of information, including the purchase price of the property, itemized fees and costs (such as loan origination fees, title insurance, recording fees, and prorated taxes), any credits given to the buyer or seller, and the final amounts due from both parties at closing.