New Hampshire Closing Statement
Overview of this form
The Closing Statement is a vital document used in real estate transactions, particularly for cash sales or transactions involving owner financing. This form serves as a verified summary of all financial aspects, including profits, expenses, and outstanding balances related to the sale. Unlike purchase agreements or real estate contracts, the Closing Statement is finalized at the closing of the sale and is signed by both the seller and buyer to ensure all terms are agreed upon.
Form components explained
- Balance: Records the total amount after subtracting expenses.
- Expenses: Lists various costs associated with the transaction, including attorney fees, title search costs, and recording fees.
- Title Insurance: Ensures protection against potential title issues.
- Adjustments: Captures prorated amounts for county and city taxes and special assessments.
- Signatures: Requires signatures from both the seller and buyer, certifying accuracy.
Situations where this form applies
This form is essential when finalizing a real estate transaction. Use the Closing Statement when you are completing a purchase or sale of property, especially in cases of straight cash sales or when owner financing options are being offered. It provides clarity on financial obligations for both parties to prevent disputes after the sale.
Intended users of this form
- Home buyers and sellers involved in real estate transactions
- Real estate agents coordinating property sales
- Attorneys managing real estate sales or purchases
- Investors purchasing property through cash or financing
Instructions for completing this form
- Identify the parties involved by entering the names of the seller and buyer.
- Specify the property details to ensure accurate identification of the transaction.
- List all expenses related to the closing, including fees for title insurance and attorney costs.
- Calculate adjustments for taxes and other prorated costs to provide a complete financial picture.
- Ensure both parties review and sign the document, acknowledging the accuracy of the information provided.
Is notarization required?
This form does not typically require notarization to be legally valid. However, some jurisdictions or document types may still require it. US Legal Forms provides secure online notarization powered by Notarize, available 24/7 for added convenience.
Typical mistakes to avoid
- Failing to include all relevant expenses, leading to disputes later.
- Not verifying the accuracy of prorated items, such as taxes.
- Neglecting to have both parties sign the form, which can invalidate it.
Benefits of completing this form online
- Convenient access from anywhere, allowing for easy completion.
- Editability to customize the form according to specific transaction needs.
- Reliability with templates drafted by licensed attorneys, ensuring legal compliance.
Main things to remember
- The Closing Statement is essential for capturing the financial details of a real estate transaction.
- This form provides a clear summary to help avoid disputes between buyers and sellers.
- Completing the form accurately is crucial for ensuring a smooth closing process.
Form popularity
FAQ
A closing statement, also called a HUD-1 statement or settlement sheet, is a form used in real estate transactions with an itemized list of all the costs to the buyer and seller.
Typically, buyers can expect to pay between 2% to 5% of the purchase price in closing costs. The median listing price in the state of New Hampshire is $300,000, you can expect to pay between $6,000 and $15,000 in closing costs for this home.
A settlement statement is also known as a HUD-1 form or a closing statement. Until 2015, when the rules changed, this form was provided twice. First, within three business days of applying for a mortgage loan, the borrower receives one in the mail with the person's estimated closing costs.
The deed and mortgage documents are filed with the county recorder and these become public record. 3feff You can always obtain copies of these from the recorder's office or from a title company. Most documents are digitized in some form, especially those related to the transaction.
A closing statement, also called a HUD1 or settlement sheet, is a legal form your closing or settlement agent uses to itemize all of the costs you and the seller will have to pay at closing to complete a real estate transaction.
What is the seller's closing statement, aka settlement statement? The seller's closing statement is an itemized list of fees and credits that shows your net profits as the seller, and summarizes the finances of the entire transaction.
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.
Closing arguments are the opportunity for each party to remind jurors about key evidence presented and to persuade them to adopt an interpretation favorable to their position.
