"When you're preparing to close on a home, you'll receive several final documents outlining your loan terms, closing costs, and the exact amount each party must pay or receive. Two of the most important are the closing disclosure and the settlement statement (also called an ALTA settlement statement or, in older transactions, a HUD-1). Although the two forms often contain similar numbers, and those numbers must match, they aren't interchangeable."
"A closing disclosure is a lender-required document that explains the details of your mortgage and must be delivered at least three days before closing. A settlement statement, on the other hand, is a closing agent-prepared document that shows the final, itemized costs of the transaction and is given to both the buyer and seller on closing day. Whether you're closing in , , or Providence, RI , understanding how these documents work together can help you catch errors early and avoid last-minute surprises."
"A closing disclosure is a federally required, five-page document that gives the borrower (the buyer taking out a mortgage) the final details of their . It is designed for consumer protection and must be delivered at least three business days before closing. Only the borrower receives the closing disclosure. Sellers do not receive this document."
A closing disclosure and a settlement statement both show final transaction numbers but serve different roles. The closing disclosure is a federally required, five-page document that gives borrowers final loan details and must be delivered at least three business days before closing. Only the borrower receives the closing disclosure; sellers do not. The settlement statement is prepared by the closing agent, provides an itemized accounting of final costs, and is given to both buyer and seller on closing day. Matching figures across both documents help catch errors and avoid last-minute surprises at closing.
Read at Redfin | Real Estate Tips for Home Buying, Selling & More
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