The Virginia Agreement that Statement of Account is True, Correct and Settled refers to a legal document that confirms the accuracy and finality of a financial account. It is used in various business transactions and serves as a formal agreement between two parties, typically a creditor and a debtor. This agreement is crucial as it helps resolve any discrepancies or disputes regarding the outstanding balance or financial obligations between the parties involved. By signing the Virginia Agreement, both parties acknowledge that the provided statement of account accurately reflects the debts, credits, payments, and any applicable interest. There are a few different types of Virginia Agreement that Statement of Account is True, Correct and Settled, depending on the specific circumstances and purpose. Here are some examples: 1. Virginia Agreement for Debt Settlement: This type of agreement is commonly used when a debtor intends to settle their outstanding debts with a creditor. It includes terms and conditions for the payment arrangement and specifies that once the agreed-upon amount is paid, the statement of account will be considered true, correct, and settled. 2. Virginia Agreement for Vendor Billing: This agreement is typically used between businesses and their suppliers. It outlines the terms of payment and confirms that the statement of account provided by the vendor accurately reflects the goods or services provided, the prices, any applicable taxes, and any outstanding balance. 3. Virginia Agreement for Loan Repayment: In the case of loans or credit facilities, this agreement is used to validate the accuracy of the statement of account provided by the lender. It includes the details of the loan, such as the principal amount, interest rate, repayment schedule, and confirms that once the loan is fully repaid, the statement of account is deemed true, correct, and settled. 4. Virginia Agreement for Property Rent: Landlords and tenants often enter into this type of agreement to confirm the accuracy of the statement of account related to rental payments. It specifies the rent amount, lease term, due dates, and other conditions related to the tenancy. Once the tenant pays the agreed-upon rent and any applicable fees, the statement of account is considered true, correct, and settled. In summary, the Virginia Agreement that Statement of Account is True, Correct and Settled is an important legal document used to validate the accuracy and finality of a financial account. Its purpose varies depending on the type of transaction, such as debt settlement, vendor billing, loan repayment, or property rent. By signing this agreement, both parties ensure that the provided statement of account accurately reflects the financial obligations and is considered settled once all terms and conditions are fulfilled.
Virginia Agreement that Statement of Account is True, Correct and Settled
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FAQ
A settlement statement is a document summarizing all costs owed by or credits due to the homebuyer and seller (or borrower if refinancing). The document also includes the purchase price of the property, loan amount and other details.
A settlement statement provides a breakdown of all the closing costs and credits involved in a real estate transaction or refinance.
Virginia is an example of a wet funding state. The Old Dominion state requires that an authorized settlement agent completes a number of procedures, including home inspections, title write-ups, and preparing settlement statements. Once this work is completed funding can be distributed and a house can be closed.
The settlement statement, also known as the closing statement, is a legal document that outlines what a buyer needs to pay to the seller or vendor on settlement. The statement also has a good faith estimate.
A settlement statement is a document that summarizes the terms and conditions of a settlement, most commonly a loan agreement.
Yes, a settlement statement is the same as a closing statement, though settlement is the formal term most likely to be used by the real estate industry.
The settlement statement, also referred to as the HUD-1 settlement statement, is a standard form used to show the final costs in a real estate sales transaction.
