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What is a ALTA Settlement Statement?
The ALTA settlement statement is essentially an itemized list of all the fees or charges that the buyer and seller will pay during the settlement portion of a Real Estate transaction. The form also clearly spells out important transaction dates such as tax payoff, recording, and disbursement dates.
Is an Alta settlement statement the same as a HUD statement?
ALTA Settlement Statements are used in conjunction with the HUD-1 settlement statement. Under the new CFPB regulations, most real estate transactions require the use of the new Closing Disclosure Form. However, the HUD-1 settlement statement is still used in certain cases such as: Home equity revolving lines of credit.
Is an Alta Settlement Statement Required?
Rumor has it that some title companies are telling lenders that in addition to the Buyer CD and Seller CD the buyer/seller must sign the ALTA or Master Settlement Statement. That's wrong. Those are simply tools available for the closing, but are not required by any federal agencies.
What is an escrow settlement statement?
The settlement statement is prepared by an impartial third party to the transaction, usually an officer with the title or escrow company that performs the closing. In California, both the buyer and the seller sign the HUD-1 settlement statement at closing.
How do you read a settlement statement?
File No./Escrow No. Think of the escrow number like your bank account number it's a series of digits specific to a single transaction between a buyer and seller. Date & Time: Officer/Escrow Officer: Settlement Location: Property Address: Buyer: Seller: Lender:
What is the settlement statement?
A settlement statement is a document that summarizes all the fees and charges that a borrower and lender face during the settlement process of a loan transaction. Different types of loans have varying requirements for settlement statement documentation.
How do you read the HUD 1 Settlement Statement?
The HUD-1 form, often also referred to as a Settlement Statement, a Closing Statement, Settlement Sheet, combination of the terms or even just HUD is a document used when a borrower is lent funds to purchase real estate. Another acronym used in relation to the HUD form is GFE, which means 'Good Faith Estimate'.
When should I receive the HUD 1 Settlement Statement?
Your HUD-1 Settlement Statement should arrive at least 24 hours prior to closing. When you buy a home or other piece of real estate property, your escrow or title company will prepare a HUD-1 Settlement Statement.
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