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This document provides a detailed statement of actual settlement costs for a real estate transaction, including amounts paid to and by the settlement agent, borrower, and seller, as well as various charges related to the loan and settlement.
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What is settlement statement?
A settlement statement is a document that outlines the financial details of a real estate transaction, including the sale price, closing costs, and any other fees involved.
Who is required to file settlement statement?
Typically, the buyer, seller, and the real estate agents involved in the transaction are required to file and review the settlement statement.
How to fill out settlement statement?
To fill out a settlement statement, you need to list all income and expenses related to the transaction, including sales price, closing costs, adjustments, and other fees, ensuring that all calculations are accurate.
What is the purpose of settlement statement?
The purpose of a settlement statement is to provide a clear breakdown of the financial transaction, ensuring transparency and helping all parties understand their costs and payments.
What information must be reported on settlement statement?
The settlement statement must report the purchase price, loan amounts, closing costs, prepaid items, prorated taxes, and any other financial details relevant to the transaction.
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