What Is a Closing Settlement Statement?

In this video tutorial by Hauseit, we go over a sample HUD closing settlement statement for an all cash condo purchase in Miami, Florida.

Save up to 2% or more on your home purchase: https://www.hauseit.com/buyer-closing-credit/

Save up to all 6% in broker commission when you sell: https://www.hauseit.com/agent-assisted-fsbo/

We explain what a HUD statement is, what the various columns and line items mean, and go over in detail how the figures add up.

We explain why it's important to have a HUD statement, and what variations of settlement statements you can expect to see depending on whether you are purchasing all cash or with a mortgage.

If you are financing, then your lender will send you a Closing Disclosure, which is a newer, longer (5 page) version of the old HUD statement at least 3 days before closing.

If you have any questions on the settlement statement, ask your closing attorney or lender right away. If you actually find a material error and you are financing, then your closing may be delayed as your lender would need to send you a new Closing Disclosure 3 days before closing.
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Hauseit LLC, Licensed Real Estate Broker
Tel: (888) 494-8258 | https://www.hauseit.com
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