Get the free Closing Settlement Statement

This document outlines the financial details related to the closing of a real estate transaction, including sales prices, down-payments, expenses, and balances due for both the seller and the buyer.

How to fill out closing settlement statement

How to fill out Closing Settlement Statement

1. Obtain the Closing Settlement Statement form from your real estate agent or attorney.
2. Fill in the buyer's and seller's names and addresses at the top of the form.
3. List all sale details including the property address, sale price, and loan information if applicable.
4. Itemize all fees and charges associated with the transaction, including loan origination fees, appraisal fees, title insurance, and recording fees.
5. Include credits for any prepaid taxes or prorated expenses.
6. Calculate the total closing costs and subtract any seller concessions to arrive at the final amount due from the buyer.
7. Confirm that all figures are accurate and that both parties sign and date the document.

Who needs Closing Settlement Statement?

1. Home buyers who are purchasing a property.
2. Home sellers who are selling their property.
3. Real estate agents facilitating the transaction.
4. Lenders providing financing for the purchase.
5. Title companies responsible for preparing and reviewing the closing documents.

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 final details of a property transaction, including the amounts owed by the buyer and seller, and the distribution of funds.

Who is required to file Closing Settlement Statement?

Typically, the Closing Settlement Statement is required to be filed by the closing agent or title company that handles the closing process.

How to fill out Closing Settlement Statement?

To fill out a Closing Settlement Statement, gather all relevant information regarding the transaction, including purchase price, closing costs, and credits, then input these details into the appropriate sections of the form.

What is the purpose of Closing Settlement Statement?

The purpose of the Closing Settlement Statement is to provide a clear account of all financial transactions related to the closing of a property sale, ensuring transparency for both parties.

What information must be reported on Closing Settlement Statement?

The Closing Settlement Statement must report information such as the sale price, itemized closing costs, prorated taxes, mortgage payoff amounts, and any credits or deductions.