A closing statement, also called a HUD1 or settlement sheet, is a legal form your closing or settlement agent uses to itemize all of the costs you and the seller will have to pay at closing to complete a real estate transaction.
Your total cost should be similar to the amount in the good faith estimate (GFE) provided by your lender.
It's important to review the closing statement with your real estate agent and settlement agent. Mistakes do occasionally happen, so be sure to ask questions if there are any charges you don't understand.
- Browse Related Terms: Closing Costs, Closing Statement, Deed, Escrow, Good faith estimate, Real Estate Settlement Procedures Act (RESPA), Refund, Satisfaction of mortgage, Settlement (or Closing) Costs, Settlement agent, Title, Title Insurance, Title Search
Also listed in: