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In this tutorial, Rhea discusses settlement statements, also known as sellers' closing statements. These documents outline the net profits for sellers and are typically prepared by an attorney, title company, or escrow company. Settlement statements were introduced after the 2008 subprime crisis and are often used alongside closing disclosures. Rhea emphasizes the importance of understanding these statements by breaking down their components. The first 11 sections include the file and escrow number (the property’s account number), the date and time, the officer handling the closing, the settlement location, and the physical property address.
