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What is a closing statement, settlement sheet or HUD-1?

April 26, 2017closing hud-1 Sheet

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What is a closing statement, settlement sheet or HUD-1?

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All 3 of these terms are names for the same document which is signed at the closing or the settlement. It is a legal document which describes the financial details of a real estate transaction. Included in this statement are the contract price, the real estate brokerage commissions, taxes, loan fees, insurance costs, etc. It reflects how much cash a buyer (in the case of a sale) or borrower (in the case of a refinance) is required to have at closing or settlement, and how much the seller can expect to receive upon sale of real estate.