Mississippi Settlement Statement and Receipt
Definition and meaning
A Mississippi Settlement Statement and Receipt is a legal document that outlines the terms of a settlement agreement and confirms the receipt of funds from a settlement. This form is primarily used in legal cases involving claims such as personal injury, worker's compensation, or property disputes. It serves as a comprehensive record that details the distribution of settlement funds, including any deductions for legal fees and out-of-pocket expenses.
How to complete a form
To properly complete the Mississippi Settlement Statement and Receipt, follow these steps:
- Enter the client’s name in the designated section.
- Specify the source of funds along with the liability type, such as worker's compensation.
- Detail the gross funds received and list any out-of-pocket expenses, including medical reports and travel expenses.
- Calculate the total out-of-pocket expenses and other deductions, such as legal fees.
- Provide the balance due to the client at the end of the statement.
- Both parties should sign and date the document to confirm acceptance.
Who should use this form
The Mississippi Settlement Statement and Receipt should be used by individuals or parties involved in settlement agreements, particularly those who have settled a legal claim. It is especially relevant for clients receiving compensation from legal disputes, attorneys managing client funds, and insurance companies handling payouts. Anyone involved in these processes can benefit from properly documenting the settlement terms.
Key components of the form
The Mississippi Settlement Statement and Receipt contains several essential components:
- Client Information: Basic details of the client receiving the settlement.
- Source of Funds: Indicates where the settlement funds originated.
- Gross Funds Received: Total amount of money received.
- Out-of-Pocket Expenses: Itemized listing of expenses that will be deducted from the total payment.
- Legal Fees: Charges associated with legal representation.
- Final Balance: Amount remaining after all deductions.
Form popularity
FAQ
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.
In mortgage lending, there are two main types of settlement statements a borrower may encounter: closing disclosures and HUD-1 settlement statements. A mortgage closing disclosure is a type of standard settlement statement that is formulated and regulated for the mortgage lending market.
In your case, you should start by contacting the settlement agent for the purchase of the home. Depending on how long they retain their records, they should be able to supply you with a copy of your settlement documents.
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 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.
The HUD-1 form is used in purchase transactions, and it includes lines for both borrower charges/fees and seller charges/fees.The HUD-1A is an option, instead of using the HUD-1, for loan transactions that do not include a seller (refinance). The HUD-1 is three pages, while the HUD-1A is only two pages.
Federal regulations require that unless its use is specifically exempted, either the HUD-1 or the HUD-1A, as appropriate, must be used for all mortgage transactions that are subject to the Real Estate Settlement Procedures Act.
The HUD-1 Settlement Statement is a standard government real estate form that was once used by settlement agents, also called closing agents, to itemize all charges imposed upon a borrower and seller for a real estate transaction. The statement is no longer used, with one exceptionreverse mortgages.
