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When you are in the process of closing, you will receive a settlement statement. They arrive three days before closing from your lender. This document is commonly known as the closing disclosure. Essentially, this is for buyers to review in advance before closing.

"Settlement date" and "closing date" are synonymous terms referring to the date when a property's seller and buyer meet to finalize the deal. At this time, the deed to the property is transferred from the seller to the buyer and all pertinent paperwork is completed.

Settlement costs (also known as closing costs) are the fees that the buyer and/or seller have to pay to complete the sale of the property. Depending on the lender, these may include origination fees, credit report fees, and appraisal fees, as well as property taxes and recording fees.

The closing (also called the completion or settlement) is the final step in executing a real estate transaction. It is the last step in purchasing and financing a property. On the closing day, ownership of the property is transferred from the seller to the buyer.

What Is a Settlement Date? The settlement date is the date when a trade is final, and the buyer must make payment to the seller while the seller delivers the assets to the buyer. The settlement date for stocks and bonds is usually two business days after the execution date (T+2).

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.

No. If all parties involved in the transaction are ready, willing and able to settle earlier than the 35 day period stipulated in the contract, the settlement can take place at an earlier date if agreed between the parties.