When ownership of the property is transferred from a Seller to a Buyer, a
meeting takes place with such parties and it is known as the "closing."
Title of the property is transferred as soon as the deed from the closing is
recorded at the government registry of deeds.
As a buyer of a home, you will be responsible for substantial closing
costs. Some costs might include: month-to-date interest on your new
mortgage, title search fee, title insurance fee, bank legal fees, bank
courier fees, "points" (1% of loan principle equals one point), etc. At
the closing you will be required to present a cashier's check for the
buyer's closing costs.
Please note that when you apply for a mortgage, an estimate of closing costs
will be calculated and given to you. This should help you to prepare
financially for the closing. At the closing, you will be presented the
final Settlement Statement, that will show actual closing costs for the
buyer and seller.
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A. U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
SETTLEMENT STATEMENT |
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B. TYPE OF LOAN |
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6.
File Number |
7.
Loan Number |
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1. o
FHA |
2. o
FmHA |
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3. o
CONV. UNINS. |
4. o
VA |
5. o
CONV. INS. |
8.
Mortgage Insurance Case Number
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C. NOTE: This form is furnished to give you a statement of actual
settlement costs. Amounts paid to and by the settlement agent are shown.
Items marked "(p.o.c.)" were paid outside the closing; they are shown
here for informational purposes and are not included in the totals.
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D.
NAME AND ADDRESS OF BORROWER: |
E.
NAME AND ADDRESS OF SELLER: |
F.
NAME AND ADDRESS OF LENDER: |
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G.
PROPERTY LOCATION: |
H.
SETTLEMENT AGENT: NAME, AND ADDRESS |
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PLACE OF SETTLEMENT: |
I.
SETTLEMENT DATE: |
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J. SUMMARY OF BORROWER’S TRANSACTION |
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K. SUMMARY OF SELLER’S TRANSACTION |
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100.
GROSS AMOUNT DUE FROM BORROWER: |
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400.
GROSS AMOUNT DUE TO SELLER: |
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101.
Contract sales price |
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401.
Contract sales price |
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102.
Personal property |
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402.
Personal property |
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103.
Settlement charges to borrower(line 1400) |
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403.
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104.
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404.
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105.
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405.
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Adjustments for items paid by seller in advance |
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Adjustments for items paid by seller in advance |
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106.
City/town taxes to |
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406.
City/town taxes to |
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107.
County taxes to |
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407.
County taxes to |
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108.
Assessments to |
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408.
Assessments to |
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109.
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409.
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110.
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410.
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111.
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411.
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112.
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412.
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120.
GROSS AMOUNT DUE FROM BORROWER |
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420.
GROSS AMOUNT DUE TO SELLER |
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200.
AMOUNTS PAID BY OR IN BEHALF OF BORROWER: |
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500.
REDUCTIONS IN AMOUNT DUE TO SELLER: |
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201.
Deposit of earnest money |
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501.
Excess deposit (see instructions) |
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202.
Principal amount of new loan(s) |
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502.
Settlement charges to seller (line 1400) |
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203.
Existing loan(s) taken subject to |
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503.
Existing loan(s) taken subject to |
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204.
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504.
Payoff of first mortgage loan |
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205.
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505.
Payoff of second mortgage loan |
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206.
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506.
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207.
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507.
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208.
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508.
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209.
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509.
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Adjustments for items unpaid by seller |
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Adjustments for items unpaid by seller |
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210.
City/town taxes to |
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510.
City/town taxes to |
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211.
County taxes to |
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511.
County taxes to |
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212.
Assessments to |
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512.
Assessments to |
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213.
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513.
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214.
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514.
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215.
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515.
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216.
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516.
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217.
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517.
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218.
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518.
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219.
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519.
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220.
TOTAL PAID BY/FOR BORROWER |
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520.
TOTAL REDUCTION AMOUNT DUE SELLER |
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L.
SETTLEMENT CHARGES |
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700. TOTAL SALES/BROKER’S COMMISSION based on price $ @ %=
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PAID
FROM BORROWER’S FUNDS AT SETTLEMENT |
PAID
FROM SELLER’S FUNDS AT SETTLEMENT |
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Division of Commission (line 700) as follows:
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701.
$ to |
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702.
$ to |
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703.
Commission paid at Settlement |
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704.
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800.
ITEMS PAYABLE IN CONNECTION WITH LOAN |
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801.
Loan Origination Fee % |
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802.
Loan Discount % |
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803.
Appraisal Fee to |
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804.
Credit Report to |
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805.
Lender’s Inspection Fee |
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806.
Mortgage Insurance Application Fee to |
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807.
Assumption Fee |
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808.
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809.
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810.
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811.
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900.
ITEMS REQUIRED BY LENDER TO BE PAID IN ADVANCE |
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901.
Interest from to @$ /day |
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902.
Mortgage Insurance Premium for months to |
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903.
Hazard Insurance Premium for years to |
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904.
years to |
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905.
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1000. RESERVES DEPOSITED WITH LENDER |
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1001. Hazard Insurance months @ $ per month |
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1002. Mortgage insurance months @ $ per month |
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1003. City property taxes months @ $ per month |
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1004. County property taxes months @ $ per month |
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1005. Annual assessments months @ $ per month |
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1006. months @ $ per month |
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1007. months @ $ per month |
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1008. Aggregate Adjustment months @ $ per month |
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1100. TITLE CHARGES |
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1101. Settlement or closing fee to |
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1102. Abstract or title search to |
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1103. Title examination to |
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1104. Title insurance binder to |
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1105. Document preparation to |
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1106. Notary fees to |
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1107. Attorney’s fees to |
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(includes above items numbers; ) |
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1108. Title Insurance to |
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(includes above items numbers; ) |
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1109. Lender’s coverage $ |
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1110. Owner’s coverage $ |
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1111. |
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1112. |
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1113. |
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1200. GOVERNMENT RECORDING AND TRANSFER CHARGES |
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1201. Recording fees: Deed $ ; Mortgage $ ; Releases $ |
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1202. City/county tax/stamps: Deed $ ; Mortgage $ |
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1203. State tax/stamps: Deed $ ; Mortgage $ |
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1204. |
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1205. |
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1300. ADDITIONAL SETTLEMENT CHARGES |
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1301. Survey to |
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1302. Pest inspection to |
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1303. |
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1304. |
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1305. |
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1400. TOTAL SETTLEMENT CHARGES (enter on lines 103, Section J
and 502, Section K) |
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