What’s a settlement assertion? – Bankrate.com

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A settlement statement provides a breakdown of all the closing costs and credits involved in a real estate transaction or refinance. While the settlement statement document evolved over time into what is now known as a closing disclosure, many still use the term “settlement statement,” so you might come across it in the process of closing your loan. Here’s what to know.
A settlement statement is a document summarizing all costs owed by or credits due to the homebuyer and seller (or borrower if refinancing). The document also includes the purchase price of the property, loan amount and other details.
“A settlement statement indicates to the borrower how much money they need to bring to closing to buy or refinance the property, and it shows the seller how much their proceeds will be from the transaction,” explains Jana Paterson, an attorney with Atlanta real estate law firm Cook & James.
The settlement statement can be provided to the homebuyer and seller by the mortgage lender, settlement agent, title company or a real estate attorney.
If you got your mortgage prior to October 2015, you received a HUD-1 settlement statement. Today, most borrowers receive a closing disclosure, a similar document, although it might still informally be referred to as a HUD-1 or settlement statement. The Consumer Financial Protection Bureau required the HUD-1 to be replaced by the more streamlined and less-confusing closing disclosure in 2015, but the HUD-1 is still used in some transactions.
Every real estate transaction requires a settlement statement of some kind. It is used in home purchases and refinances, as well as all-cash transactions, reverse mortgages and commercial and investment property sales.
In most cases, the settlement statement will be given to you at least three business days prior to the closing.
Several items are listed and organized within a settlement statement, including:
Upon receipt of a closing disclosure or HUD-1 settlement statement, “it’s safe to say that you are at the tail end of the process,” Moreira says. It’s crucial to review this document carefully to ensure all costs are accurate.
“Review all fees reflected on the form with a settlement agent or an attorney representing you in the upcoming transaction,” recommends Toutok.
If you understand and agree to all the fees listed, you’ll move forward with the closing. For a home purchase, you’ll receive instructions from your settlement agent regarding how to deliver money owed, and then attend the closing and provide signatures. In a cash-out refinance, you’ll attend the closing to sign paperwork before you receive the funds.
Bankrate.com is an independent, advertising-supported publisher and comparison service. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. This compensation may impact how, where and in what order products appear. Bankrate.com does not include all companies or all available products.
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