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Whoever is facilitating the closing ? whether it be a title company, escrow firm, or real estate attorney ? will be responsible for preparing the settlement statement.

ALTA statements are comprehensive and used in commercial transactions, while HUD statements are regulated by federal law and used in residential transactions. Understanding these differences is crucial for buyers, sellers, and real estate professionals lenders to ensure smooth and compliant real estate transactions.

What Is the American Land Title Association (ALTA)? The American Land Title Association (ALTA) is a trade association representing the title insurance industry. Founded in 1907, the ALTA also focuses on a property's abstract of title, which ties the history of the title to a particular piece of real estate.

The ALTA settlement statement is an itemized list of all of the fees or charges that the buyer and seller will pay during the settlement portion of a real estate transaction. Everything from the sale price, loan amounts, school taxes, and other pertinent information is contained in this document.

A closing statement is a document that records the details of a financial transaction. A homebuyer who finances the purchase will receive a closing statement from the bank, while the home seller will receive one from the real estate agent who handled the sale.

The ALTA Settlement Statement doesn't have the same level of personal detail as the Closing Disclosure form, so it can be shared with all parties involved in a real estate transaction. The ALTA form can also help your real estate agent accurately disclose certain fees to you.