A closing statement form is an essential document to acquire a settlement and successful property transfer. This form enlists the expenses, fees, and the insurance coverage of a particular property which is being sold to another party. The exact amount of money that the owner demands from the buyer is highlighted on the form which is accompanied by the property agreement that the parties have signed. The term “settlement sheet” is the alternative name of this document and is to be prepared by a licensed closing agent and a legal attorney.
Blank Closing Statement Form
Court Client Closing Statement Form
Closing Statement Worksheet Form
Property Closing Statement Form
What’s In a Closing Statement Form?
Closing statement forms mainly focus on the description of the property assessment along with the various payments that the parties have to agree in order to close the transaction. Below are nine vital sections in any closing statement form:
This form acts as a type of property statement document as it states the address of the property, details of the premises, block number, and the lot measurement of the property. It is essential that the measurements and the address are exact to assure that the associated taxes and property fees will be regulated. Also, the form is a document which is used by the authority whenever a property evaluation is done after the transaction. Since this form is created after an agreement form is signed, the parties must indicate the adjustments that they made from the previous agreement to assure that everyone involved is informed of the changes prior to the closing.
Identification of the Parties
The parties include the attorney, buyer, broker, and the owner of the property. If there are other people involved in the property closing transactions and hearing, the closing agent must state the names of the other individuals on the form. The names are necessary to determine who will be held liable if an issue or conflict will arise due to the contract which was breached or due to an act of falsifying the financial information release on the closing statement form. Additionally, the place or the office where the legal statement form was created is also included along with the names of the attorney and broker.
This section is the center and the main subject of the closing statement form. It indicates the amounts that the buyer, seller, broker and the attorney have agreed on. The amount of the property appraisal, actual purchase amount of the property, the property price is written on the contract agreement, as well as the mortgage balance. As varying states have different tax fees on transacting a property transfer, the closing agent must clearly specify the types of taxes that accompany the purchased property with the interests that the owner and broker may demand from the buyer.
The payment for the sewage, maintenance, security and water bills can also be included for the parties to be aware in case the owner stated an added fee that relates to the bills. If the buyer and the seller were able to separately provide a payment confirmation for the stated items, then the agent must have two columns that indicate as to whether the buyer or the seller was the one who paid the amount and if there are balances left to pay.
Since this statement form is filled out and prepared by the closing agent, there are payments which are expected to be disbursed and paid by the agent himself to fully complete the form. The amount of the fund that he or she was able to pay will then be stated in this section of the form with the list of items that accompany the payment.
This section contains the insurance verification which is included in purchasing the property. It contains the insurance policy number wherein the property is enrolled under, the name of the company who provides the insurance coverage, the total amount of the insurance policy, the range of the property’s term, as well as the date when the insurance coverage will be deemed as an expired policy or when it needs to be renewed.
This refers to the general information of the mortgage where the purchased property is served as a collateral. If a property is not under a mortgage bond, then the closing agent may skip this area. On the other hand, if it is indeed under a mortgage, the agent needs to specify the principal amount that the owner borrowed from the lender, the name of the borrower, the chosen type of mortgage of whether it is fixed or variable, the period of the mortgage, as well as the type of mortgage application interests and it’s associated rates.
The second part of this section deals with the payments that the borrower was able to give back to the lender which can include the detailed monthly payments, escrow number, and the total due payment of the borrower’s balance.
This section is also known as a tenant information area as it states the names of the tenants who are currently residing in the property, their apartment numbers, their obligated rental payments, the varying due dates, the amount of security deposit that they have provided, and other data that relates to their tenancy.
The reason why this section needs to be completed is to assure that if the transfer will be mandated, the tenants will not be affected or they will be handed with a notice to vacate form prior to the ownership transfer. Nonetheless, if the buyer of the property prefers to have the tenants with him or her, he or she can create a new lease agreement to state his or her intentions, rules, regulations, and the adjustments which will be made in the property which can include the changed rental rates.
All the fees which are associated with the transfer yet do not fall under any of the aforementioned items can be written in this last section. The remarks of the closing agent is also in this section to end the document.
Property Purchase Closing Statement
Real Estate Closing Statement Form
Renter Closing Statement Form
Varieties of Closing Statement Forms
Closing Statement Planning Worksheet Form – This type of closing statement form is similar to an action plan document which will highlight the actions and the effects of the possible decisions that the party will make in the court.
It states the name of the person who delivered the form, the main points which have been brought to a topic during the trial, the identification of the witnesses in the trial, and the information that the opposing party has delivered accompanied in the court which is deemed as incorrect and not factual. The attorney who is completing this worksheet must be aware of the condition of the case and the kinds of documents that both parties have presented to let him or her decide what he or she needs to speak for the next trials.
Closing Statement Planning Form
Composite Closing Statement Form – This closing statement form is useful in comparing the payments and the obligations of the parties involved in the property transfer and closing process. It separates the buyer and the seller’s statements along with the statement and claims of the broker with regards to other expenses for the property.
The amounts under each party are categorized of whether these fall under the debit and the credit of the payer. Few sections include the property purchase price, developer fees, rents and interests, taxes and outside expense forms, documentary stamps required, as well as the payments for recording the transaction in the office of the state’s secretary. All the claimed finances are totaled and the results must be stated at the bottom of the categories.
Composite Closing Statement Form
Landlord Residential Closing Statement Form – This form is used by those who are dealing with a rental closing case. It caters the information of the landlord and the address of the property, the details of the tenant and his or her address which is the recipient of the statement form along with the tenant’s contact information to allow the attorney and the mailing agency in reaching the tenant whenever his or her presence is needed.
The amount that the tenant paid the security deposit is also an essential aspect to be included on the form with rent credits that the tenant has. Additionally, the charges that the landlord required from the tenant such as the cleaning and maintenance fees will also be on the form. The landlord’s signature ends the document with the date when the form was prepared and completed.
Landlord Residential Closing Statement
Pharmacy Closing Statement Form – This is a statement form which is used by those who are owners of pharmacies. It has sections mainly for the pharmacy’s information, details of the disposition of drugs and patient’s medical records release, as well as an indication of whether the pharmacy’s signs have been removed or not.
Pharmacy Closing Statement Form
Sworn Closing Statement Form – Of all the stated closing statement forms, this is the most used and commonly known by most people. It is submitted to the court as soon as the closing agent completes the document with the presentation of other legal forms that can be associated with the property.
Sworn Closing Statement Form
Move Out Closing Statement Form
Property Disposal Closing Statement
Real Property Closing Statement
With the information that you have read in the article, you will be able to acquire awareness whenever you undergo a property transfer. Nonetheless, you must always seek help and assistance with the right legal professionals to secure that you will not be dealing with errors in the trials.
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