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This document is used to provide a detailed account of the financial settlement between the seller and buyer during a real estate transaction, including sales price, down payments, expenses, adjustments,

How to fill out closing settlement statement

How to fill out Closing Settlement Statement

1. Gather all necessary documents related to the transaction.
2. Ensure you have the contact information for all parties involved, including buyers, sellers, and agents.
3. Input the property details, including the address and legal description.
4. List the closing date and the names of all buyers and sellers.
5. Document loan details, including loan amount and lender information, if applicable.
6. Itemize all fees, costs, and credits related to the transaction, such as taxes, title insurance, and agent commissions.
7. Calculate total costs and credits to determine the net amount due at closing.
8. Review and double-check all entries for accuracy before finalizing the statement.
9. Present the completed Closing Settlement Statement to all parties for signature.

Who needs Closing Settlement Statement?

1. Buyers and sellers in a real estate transaction.
2. Real estate agents representing the buyers or sellers.
3. Lenders providing financing for the purchase.
4. Title companies handling the closing process.
5. Attorneys involved in 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 used in real estate transactions that outlines the financial details of the sale. It itemizes all the costs and fees associated with the transaction, including the sale price, taxes, and closing costs.

Who is required to file Closing Settlement Statement?

The Closing Settlement Statement is typically filed by the closing agent or the attorney handling the real estate transaction. Both the buyer and seller may also receive a copy of this statement.

How to fill out Closing Settlement Statement?

To fill out a Closing Settlement Statement, gather all relevant financial information, including purchase price, loan details, and closing costs. List all debits and credits for both the buyer and seller, ensuring to clearly indicate amounts owed and paid.

What is the purpose of Closing Settlement Statement?

The purpose of the Closing Settlement Statement is to provide a comprehensive account of all financial transactions in a real estate deal. It ensures transparency and helps all parties understand the financial implications of the sale.

What information must be reported on Closing Settlement Statement?

The Closing Settlement Statement must report the purchase price, loan amount, prorated property taxes, closing costs, realtor fees, and any other fees or credits applicable to the transaction.