Real Estate Closing Statements

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Commonly Asked Questions about Real Estate Closing Statements

Is a settlement statement the same as a closing statement?

Mortgage loan settlement statements, used in real estate transactions, are often referred to as closing statements.

What is on a closing statement of a typical real estate transaction?

A closing statement is a statement that outlines the final details of a real estate transaction. It lists all the costs of the transaction and indicates the ones the seller is paying and the ones the buyer is paying. Another name for a closing statement is a settlement sheet.

Is the settlement date the same as the closing date?

Settlement is the first step in the process. Closing can be the same day as Settlement and usually entitles the buyer to possession.

What is the difference between a settlement statement and a closing statement?

While closing disclosures provide information about a borrowers loan, settlement statements do not include loan information. Settlement statements are used for commercial transactions and cash closings.

What should my closing statement be?

The closing statement should also detail the purchase price of the home, deposits paid by the buyer, and seller credits. Prorated amounts. If a buyer or seller is paying prorated amounts toward property taxes or homeowners association (HOA) fees, then these also would be included on the closing statement. Loan costs.

What appears on a closing statement?

The closing statement typically lists fees in two columns, one detailing the buyers expenses and one detailing the sellers. The amount the buyer must give the seller has its own entry at the bottom of the document.

Is a hud settlement statement the same as closing disclosure?

The closing disclosure and the HUD-1 settlement statement are both forms that disclose the final details of your mortgage loan and the closing costs you will pay. However, they are used for different types of loans and transactions.