Popular Courses. Personal Finance Loan Basics. Table of Contents Expand. What Is a Settlement Statement? Settlement Statement Explained. Mortgage Settlement Statements. Loan Fees. Other Special Considerations. Key Takeaways A settlement statement is a document that summarizes the terms and conditions of a settlement, most commonly a loan agreement. Beyond just loans, settlement statements can also be created whenever a large settlement has taken place, such as with a large business transaction or potentially in the legal, insurance, banking, and trading industries.
Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace. A closing statement is a document that records all of the fees and costs associated with a home purchase or sale. Junk Fees Junk fees are unnecessary or excessive charges included in the process of closing on a real estate purchase.
A HUD-1 form is an itemized list of all charges to be paid by the borrower in order to close a reverse mortgage or a refinance transaction. Closing Closing is the final phase of mortgage loan processing where the property title passes from the seller to the buyer.
How a Short Sale in Real Estate Works In real estate, a short sale is when a homeowner in financial distress sells their property for less than the amount due on the mortgage.
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Disbursement date 3. State required dates 4. Settlement location 5. Property address 6. Buyer 7. Seller 8. Lender 9. Disbursement date Property sale price 2. Personal property 3. Earnest money 4. Loan amount 5. Existing loan amount 6.
Seller credit 7. Taxes Due for Previous Year Prior year taxes are not due and payable until the next calendar year. Amounts due for any prior year taxes will be collected from the seller. Typically, any closings after June 15th should already have their taxes for the prior year paid. Taxes for Current Year Seller is charged their portion of the current year taxes from January 1st to the closing date.
Based on either prior year taxes or most recent mill levy and assessed value. This determines pursuant to the contact. Real Estate Closing Fee Fee charged for title company to act as settlement agent for the closing. Excess amounts to be refunded within 30 days of closing. Any prepaid dues will be credited back to seller. New lender might limit the amount the buyer can receive. However, the settlement form developed by the trade group ALTA American Land Title Association is widely used across the nation for real estate transactions.
The Closing Disclosure contains almost the exact same information as the settlement statement, but it is specific to the borrower and their fees. Usually lenders will prepare the Closing Disclosure based on a copy of the estimated settlement statement sent by the closing agent. Sellers do not typically receive a copy of the Closing Disclosure.
In a cash transaction, there is no need for a Closing Disclosure since no one is borrowing money — however, buyer and seller would still receive a settlement statement summarizing their costs and any payouts.
Below we use the ALTA form as an example and break it down, line by line. Like your typical budget balancing sheet, the settlement statement is organized into Debits expenses and Credits deposits or increases to the account. In that case, the seller would need to pay out their taxes from January through April 15 at closing. The buyer would cover April 16 through June 1, as well as the property taxes associated with the home moving forward.
You, the seller, may have agreed to pay some or none of these costs.
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