Washington Closing Statement
About this form
The Closing Statement is a crucial document used in real estate transactions where the sale is either a cash transaction or involves owner financing. This statement outlines the financial details of the transaction and is verified by both the buyer and the seller, distinguishing it from other forms like purchase agreements or lease agreements by providing a comprehensive settlement summary.
Key parts of this document
- Balance summaries to reflect the financial transactions between buyer and seller
- Expenses breakdown including title search, recording fees, and attorney fees
- Title insurance details to ensure property ownership is defensible
- Adjustments such as tax proration and special assessments
- Certification sections for both parties to confirm accuracy
State-specific compliance details
This form is applicable in {state}. It adheres to the local legal standards and requirements associated with real estate closings in that jurisdiction.
Situations where this form applies
This form should be utilized in real estate transactions at the closing stage. It is essential when finalizing the sale of real estate property, especially in cash sales or transactions involving owner financing. Use it to provide transparency regarding all financial aspects, such as expenses and any adjustments to the final sale price.
Who needs this form
- Homebuyers entering into cash purchases or owner-financed agreements
- Sellers of real estate properties involved in cash or financed transactions
- Real estate agents facilitating closings between buyers and sellers
- Attorneys overseeing the compliance of real estate transactions
How to complete this form
- Identify the parties involved: list the buyer and seller's names.
- Specify the property details: include the address and legal description.
- Fill in all expense fields: record costs related to title searches, recording fees, and other relevant expenses.
- Calculate adjustments: include details such as tax prorations that affect the balance.
- Obtain signatures: both buyer and seller must verify the information by signing and dating the document.
Notarization guidance
To make this form legally binding, it must be notarized. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session.
Common mistakes to avoid
- Failing to account for all expenses, leading to inaccuracies in the final balance
- Not obtaining signatures from both buyer and seller, which voids the document
- Omitting property details, creating confusion regarding the transaction
- Ignoring state-specific requirements that may affect the form's validity
Advantages of online completion
- Convenient access to professionally drafted templates tailored to various jurisdictions
- Editability allows for customization based on specific transaction details
- Secure download ensures you have the most up-to-date forms available
- Ability to complete the form at your own pace, without time constraints
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FAQ
Closing costs are all of the fees and expenses associated with the closing or settlement of a real estate transaction, and they can vary dramatically. The buyer typically pays the closing costs, while other costs are usually the responsibility of the seller.
A HUD-1 or HUD-1A Settlement Statement is prepared by a creditor or, more typically, by the settlement agent who conducts the closing on the creditor's behalf.
A closing statement is a document that records the details of a financial transaction. A home buyer who finances the purchase will receive a closing statement from the bank, while the home seller will receive one from the real estate agent who handled the sale.
The settlement statement is prepared by an impartial third party to the transaction, usually an officer with the title or escrow company that performs the closing. In California, both the buyer and the seller sign the HUD-1 settlement statement at closing.
The attorney is responsible for preparing all necessary closing documents, scheduling the closing, explaining all necessary closing documents and having them properly executed and recorded. You will receive copies of most closing documents, including an itemized record of all money paid by you on your behalf.
As of October 3, 2015, the Closing Disclosure form replaced the HUD-1 form for most real estate transactions. However, if you applied for a mortgage on or before October 3, 2015, you received a HUD-1.
Use the not so simple method to close the estate, Send Notice of Filing of Declaration of Completion, Wait until the expiration of the 30-day notice period, and. THEN MAKE DISTRIBUTION AFTER your Declaration of Completion has become final and the time for filing any Objection has expired.
Completing Part B of HUD-1Fill in the property location and the name and address for the borrower, seller and lender. The settlement agent, date and location also are needed. Fill in the appropriate lines in sections J and K, which are summaries of the borrower's and seller's transactions, respectively.
A closing agent prepares the closing statement, which is settlement sheet. It's a comprehensive list of every expense that the buyer and seller must pay to complete the real estate transaction. Fees listed on this sheet include commissions, mortgage insurance, and property tax deposits.