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A settlement statement is a document that summarizes the terms and conditions of a settlement agreement between parties. Commonly used for loan agreements, a settlement statement details the terms and conditions of the loan and all costs owed by or credits due to the buyer or seller.

Prepare with this list: A cashier's or certified check for settlement payment. PHOTO IDENTIFICATION. Proof of insurance. Contact you insurance agent BEFORE settlement! If you have related invoices, be sure to bring them. Your lender may require documentation. Get a hold of your lender!

The 4 Steps in the Closing Process Close revenue accounts to income summary (income summary is a temporary account) Close expense accounts to income summary. Close income summary to retained earnings. Close dividends (or withdrawals) to retained earnings.

The last step of the closing process is the actual legal transfer of the home from the seller to you. The mortgage and other documents are signed, payments are exchanged, and finally, the waiting is over: you get the keys.

10 Steps to Closing on a House Deposit earnest money. ... Complete your mortgage application. ... Conduct a title search and order title insurance. ... Schedule a home inspection. ... Pay for an appraisal. ... Buy homeowners insurance. ... Finalize the loan with your lender. ... Do a final walkthrough.

A list of things to be done and items to be delivered before a transaction can be closed. Responsibility for each item is typically allocated among the parties on the checklist. The status of each item is updated periodically and circulated to the parties in preparation for closing.

The 4 Steps in the Closing Process Close revenue accounts to income summary (income summary is a temporary account) Close expense accounts to income summary. Close income summary to retained earnings. Close dividends (or withdrawals) to retained earnings.