Get the free Closing Settlement Statement

This document serves as a detailed statement of the financial aspects involved in the closing of a property transaction, including sales price, down-payments, expenses, and adjustments between the

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 real estate agent.
2. Verify the property address and transaction details at the top of the statement.
3. Review the borrower and seller information for accuracy, including names and contact details.
4. Fill in the purchase price of the property in the designated section.
5. List all closing costs, including loan fees, title insurance, and escrow fees, breaking them down if required.
6. Include any credits or concessions agreed upon by the buyer and seller in the appropriate areas.
7. Calculate the total amount due from the buyer and the proceeds to the seller, ensuring all figures are accurate.
8. Make sure to sign and date the Closing Settlement Statement before submission.

Who needs Closing Settlement Statement?

1. Homebuyers who are purchasing a property.
2. Home sellers who are closing a real estate transaction.
3. Lenders who are providing financing for the purchase.
4. Real estate agents who facilitate the closing process.
5. Title companies responsible for preparing and finalizing the document.

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 details of a real estate transaction, including all payments made, fees charged, and any other costs involved in the sale.

Who is required to file Closing Settlement Statement?

Typically, the lender and closing agent are required to file a Closing Settlement Statement, as it serves as a crucial record of the transaction for both parties involved.

How to fill out Closing Settlement Statement?

To fill out a Closing Settlement Statement, gather all relevant financial information, including buyer and seller details, property specifics, costs associated with the sale, and any mortgage details. Each line item must be accurately filled to reflect the total costs and payments.

What is the purpose of Closing Settlement Statement?

The purpose of a Closing Settlement Statement is to provide a clear and detailed account of all financial transactions involved in closing a real estate deal, ensuring transparency and proper accounting for both the buyer and seller.

What information must be reported on Closing Settlement Statement?

The Closing Settlement Statement must report information such as the sale price of the property, loan amounts, closing costs, taxes, insurance, commissions, and any other fees or adjustments that pertain to the transaction.