Closings glossary
Closing statement
The itemized accounting of every credit, debit and disbursement at a closing. Commercial deals use a HUD-1 or ALTA settlement statement; consumer mortgage closings pair it with the Closing Disclosure.
What is a closing statement?
Quick Answer
The full definition
The itemized accounting of every credit, debit and disbursement at a closing. Commercial deals use a HUD-1 or ALTA settlement statement; consumer mortgage closings pair it with the Closing Disclosure.
Also called: Settlement statement, ALTA settlement statement, HUD-1.
Where does closing statement come up in a New York City closing?
A Brooklyn seller's statement shows the flip tax, the City transfer tax and the payoff wire deducted from proceeds, netting a number the seller can check line by line.
What else should you read before closing?
In the glossary
- Closing DisclosureThe federal disclosure listing a residential borrower's loan terms, closing costs and cash to close. It is delivered at least three business days b...
- Transfer tax (RPTT and NYS)Taxes on the conveyance itself, one City and one State. Rates step up at higher prices, and who pays is set by custom and then confirmed by the con...
- Flip taxA transfer fee charged by a co-op or, less often, a condominium when a unit changes hands. It is a creature of the building's governing documents, ...
- Mortgage recording taxThe New York tax due when a mortgage is recorded, computed on the new money secured. A CEMA is the standard structure used to reduce the taxable am...
- Premium (title insurance)The one-time charge for a title policy, computed from the filed New York rate schedule by amount of insurance, plus any endorsement and search-rela...
- Survival clauseThe contract provision that carries specified representations past the closing. Without it, the doctrine of merger extinguishes most representation...
Questions this raises
- What is the difference between the ALTA settlement statement and the Closing Disclosure?The Closing Disclosure is the lender's borrower form. The ALTA statement is the agent's full accounting for both sides. How to reconcile them befor...
- What do I need to bring to a closing in NYC?Photo ID, funds in the form the agent instructed, a checkbook for adjustments, and every signer. The New York City closing checklist for buyers and...
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