Utah Closing Statement
Overview of this form
The Closing Statement is a vital document used in real estate transactions, particularly for cash sales or owner financing scenarios. This statement outlines the final financial settlement between the buyer and the seller, detailing all expenses, adjustments, and the total amount due. It serves as a comprehensive summary of the financial aspects of the transaction, distinguishing it from other real estate forms that may not fully capture these details.
Main sections of this form
- Balance: This section lists the total balance due after all expenses are accounted for.
- Expenses: Details the various costs associated with the transaction, including title searches and recording fees.
- Adjustments: Highlights any pro-rations for taxes and special assessments that affect the final amount.
- Certification: Both parties certify the truthfulness of the information in the document by signing and dating it.
Common use cases
This form is essential when concluding a real estate deal, particularly when the payment is made in cash or through owner financing. It is used to formally document the financial transaction and ensure both parties agree on the final amounts being settled.
Intended users of this form
- Home buyers and sellers involved in a cash transaction.
- Individuals using owner financing to purchase or sell property.
- Real estate agents facilitating a property sale.
- Attorneys representing parties in real estate transactions.
How to prepare this document
- Identify the parties involved, including the buyer and the seller.
- List all expenses associated with the transaction in the appropriate sections.
- Calculate any adjustments necessary for taxes and assessments.
- Sum the total expenses and balances to determine the final amounts due.
- Both parties should review the document and sign to certify its accuracy.
Does this form need to be notarized?
This form needs to be notarized to ensure legal validity. US Legal Forms provides secure online notarization powered by Notarize, allowing you to complete the process through a verified video call, available anytime.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Typical mistakes to avoid
- Failing to accurately list all expenses, leading to discrepancies.
- Omitting necessary signatures, which may invalidate the document.
- Not verifying the pro-ration of taxes correctly.
Advantages of online completion
- Convenient access to a legally reliable document that simplifies the transaction process.
- Edit and customize the form as per specific transaction requirements.
- Instant download and saving options for records.
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FAQ
And while they are two separate policies (and again, not legally required), it's generally customary for a lender to request both. As mentioned, it is typical for the seller to pay for an owner's policy and the buyer usually pays for the lender's policy.
A closing statement is a document that records the details of a financial transaction. A home buyer 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.
How will it be shown on the closing statement? this amount will be included in the seller's expenses later under disbursements in the broker's Statement section of the closing statement.
The Closing Disclosure form is issued at least three days before you sign the mortgage documents. It is a final accounting of your loan's interest rate and fees, mortgage closing costs, your monthly mortgage payment and the grand total of all payments and finance charges.
A closing agent prepares the closing statement, which is settlement sheet. It's a comprehensive list of every expense that the buyer and seller must pay to complete the real estate transaction. Fees listed on this sheet include commissions, mortgage insurance, and property tax deposits.
The attorney is responsible for preparing all necessary closing documents, scheduling the closing, explaining all necessary closing documents and having them properly executed and recorded. You will receive copies of most closing documents, including an itemized record of all money paid by you on your behalf.
The settlement statement is prepared by an impartial third party to the transaction, usually an officer with the title or escrow company that performs the closing. In California, both the buyer and the seller sign the HUD-1 settlement statement at closing.
Closing costs are all of the fees and expenses associated with the closing or settlement of a real estate transaction, and they can vary dramatically. The buyer typically pays the closing costs, while other costs are usually the responsibility of the seller.
A closing agent prepares the closing statement, which is settlement sheet. It's a comprehensive list of every expense that the buyer and seller must pay to complete the real estate transaction. Fees listed on this sheet include commissions, mortgage insurance, and property tax deposits.
