What is the closing statement?
Before the closing, the parties and their lawyers will review all documents to see that everyone is fulfilling all conditions and promises of the contract. A closing statement or settlement sheet is prepared, fully listing the financial aspects of the closing. The Real Estate Settlement Procedures Act (RESPA) will apply in any transaction in which a buyer is obtaining a federally insured mortgage from a financial institution. This requires use of a settlement sheet developed by the Department of Housing and Urban Development. In other closings in which the buyer is not obtaining a mortgage, another form of settlement sheet is usually prepared.
>>What happens at the closing?
>>What is the closing statement?
>>What are some of the key documents signed at the closing?
>>What are some financial aspects of the closing?
>>What are some typical closing costs?
>>There can’t possibly be any more closing fees, can there?
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