Definition - What does Settlement Statement mean?
A settlement statement is a document that lays out all of the total costs that both a home buyer, and a home seller must pay for the sale to be complete. These costs include things such as the price that the property is selling for, broker's fees, the costs of the loan the home buyer is purchasing, etc.
Justipedia explains Settlement Statement
When a person buys a home, there are more costs involved than just the price of the home. In the past, the various costs associated with home buying and selling were not always clearly listed in a settlement statement. So, buyers and sellers could be quite surprised when all of the individual bills came due. Now, however, all of these costs are clearly laid out in settlement statements. This way, there are no surprises at the end of the day when the sale is made.
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