Quick Answer
Your settlement statement lines up every cost and credit in the transaction side by side, from your earnest money deposit to prorations and agent commissions. It is the document to review closely, since it is the final word on where the money moved.
- Common format
- ALTA settlement statement
- Prepared by
- Your title company
- Shows
- All buyer and seller credits and charges
- Compare against
- Your Closing Disclosure
What's Included on the Settlement Statement
The settlement statement lists every dollar in the deal: purchase price, loan amount, deposits already paid, prorated taxes and HOA dues, agent commissions, and each closing fee, split into buyer and seller columns.
Because it is comprehensive, it is a useful cross-check against your Closing Disclosure, especially for sellers, who do not otherwise receive a Closing Disclosure of their own.
Why Sellers Rely on This Document
Buyers get a federally mandated Closing Disclosure, but sellers' numbers most often show up on the settlement statement instead, detailing their net proceeds after paying off the mortgage, commissions, and closing costs.
Our agents review the settlement statement with sellers ahead of closing day so the final proceeds figure is never a surprise.
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Frequently Asked Questions — Settlement statement
Is a settlement statement the same as a Closing Disclosure?
They are related but not identical. Buyers get a Closing Disclosure; the settlement statement covers both sides of the transaction in one document.
Who prepares the settlement statement?
Your title company prepares it as part of coordinating the closing.
When do I see it?
You should receive a preliminary version a few days before closing so you can review it in advance.
What if I find an error on it?
Contact your title company or agent right away, before closing, so it can be corrected.