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A document outlining the financial details of a real estate transaction between a seller and a buyer, including sales price, down-payments, balance, expenses, and adjustments.

How to fill out closing settlement statement

How to fill out Closing Settlement Statement

1. Gather all necessary documents including the purchase agreement and loan details.
2. Fill out the buyer and seller's information at the top of the statement, including names and addresses.
3. List the property details, including the property address and legal description.
4. Calculate and input the sales price of the property.
5. Include all credits and debits for both the buyer and seller, such as deposits, closing costs, and other fees.
6. Provide a breakdown of any prorated items such as property taxes and utilities.
7. Ensure all calculations are accurate and total amounts are clearly stated.
8. Have both parties review the statement before signing to ensure all information is correct.

Who needs Closing Settlement Statement?

1. Homebuyers need it to understand their financial commitments and closing costs.
2. Sellers require it to see a detailed account of the proceeds from the sale.
3. Real estate agents use it to guide their clients through the closing process.
4. Lenders need it to finalize and verify loan details before funding.
5. Title companies prepare it to outline the distribution of funds.

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 form, is a document that outlines the final details of a real estate transaction, including the amounts owed by the buyer and seller, and the distribution of funds.

Who is required to file Closing Settlement Statement?

The Closing Settlement Statement is typically required to be filed by the settlement agent or attorney responsible for closing the transaction, and it is usually signed by both the buyer and seller.

How to fill out Closing Settlement Statement?

To fill out a Closing Settlement Statement, you need to provide detailed information about the buyer, seller, property, the purchase price, expenses, and credits, making sure to account for any fees, taxes, and other financial details related to the closing.

What is the purpose of Closing Settlement Statement?

The purpose of the Closing Settlement Statement is to provide a clear and accurate summary of the financial aspects of a real estate transaction, ensuring that all parties understand their expenses and obligations.

What information must be reported on Closing Settlement Statement?

The Closing Settlement Statement must report information including the purchase price, prorated taxes, closing costs, loan amounts, and any credits or adjustments agreed upon by the buyer and seller.