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A Guide to the Settlement Statement

Youre about to cross the finish line in yourlists the settlement charges that you and the
home selling process. There are just a fewbuyer are required to pay. This page is
more steps that you need to complete beforewhere your previous closing cost negotiations
you hand over the keys to the home. Duringwill appear. Your sales contract should also
the home closing, the primary document youlist these charges and to whom the charges
and your buyer will be dealing with is thewere assigned. There will be a group of
settlement statement (also called the closingcharges that are related to processing the
statement). This is a document that listsmortgage, whether it is a new mortgage or an
out the fees and charges that you, as theassumed one. Typical fees are the loan
seller, and the buyer are required to pay inorigination fee, appraisal fee, lenders
the  housing  transaction.inspection fee, assumption fee, and
underwriting  fees.
The settlement statement is prepared either
by the buyers lender or the escrow agent.The mortgage lender often requires some
Regardless of who prepares the statement,interest and insurance premiums to be paid in
that person is required to follow pertinentadvance. Usually paid by the buyer, these
federal guidelines. The Real Estatefees are also listed on the second page of
Settlement Procedures Act of 1974, thethe settlement statement. Other mortgage
governing law for closing processing inrelated costs include reserves that are
housing  transactions.deposited to set up an escrow account. These
charges  are  assigned  to  the  buyer.
It is important that you pay close attention
to the settlement statement as the for saleAnother group of fees included in the
by owner seller because it will list out thesettlement statement are related to
costs for which you and the buyer areguaranteeing the legitimacy of the title:
responsible. Most likely, you and the buyertitle search, title insurance, document
have already negotiated which of you will bepreparation, notary fees, and attorney fees.
paying which closing costs. You must reviewRefer to the sales contract for the
the settlement statement to ensure theseagreements  made  pertaining  to  these fees.
costs have been assigned to the correct
party.Government fees include recording fees, tax
and stamps and are usually negotiated in the
Usually, the settlement statement is brokensales  contract.
down into two pages. The first page
summarizes payments to be made in the housingThe final group of charges is miscellaneous
transaction. Included is the sales price ofcharges that were not included in previous
the home, settlement charges that thesections of the settlement statement. For
borrower must pay, tax adjustments,example, a pest inspection requested by the
settlement charges the seller (you) must pay,buyer  is  a  miscellaneous  charge.
first mortgage payoff amount, and total
amount of cash the borrower (the buyer) mustThe settlement charges are totaled and
pay  to  the  seller.entered on the first page in the summary
information on the first page of the
The second page of the settlement statementsettlement statement.



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