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Closing Statement

3 Posts
1 Sections
1 Types

Definitions

Closing Statement

Closing Statement Real Estate Transaction Seller's Statement Buyer's Statement Broker Obligation Funds Accounting Settlement Statement Escrow

A closing statement is a crucial document in real estate transactions, providing an accounting of funds from the sale to both the seller and the buyer separately. Most states require brokers to furnish accurate closing statements to all parties involved.

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Definitions

Settlement Statement

Settlement Statement Real Estate Closing Statement HUD-1 Form Real Estate Transactions Financial Summary Buyer Expenses Seller Expenses

A Settlement Statement is a detailed document that outlines the funds payable by each party involved in a real estate transaction, showing how these funds are distributed.

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Definitions

Uniform Settlement Statement (HUD-1)

Uniform Settlement Statement HUD-1 RESPA Real Estate Mortgage Loans Closing Statement Buyer Seller

The Uniform Settlement Statement, commonly known as the HUD-1 form, is a document prescribed by the Real Estate Settlement Procedures Act (RESPA). It is used for federally related mortgage loans to provide a detailed account of all charges and credits to the buyer and seller in a real estate transaction.

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