The settlement statement is a document used in real estate transactions to outline all the fees and charges associated with the purchase of a property. It includes details such as the purchase price, loan amount, closing costs, and any other expenses related to the transaction. The statement helps both buyers and sellers understand the financial aspects of the deal and ensures transparency in the closing process.

Some items you may find on your settlement statement are -

1. Purchase price: The agreed-upon price for the property being purchased.
2. Loan amount: The amount of money borrowed from a lender to finance the purchase, if applicable.
3. Closing costs: Fees associated with the closing of the transaction, such as title insurance, appraisal…

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After the purchase agreement and appropriate disclosures and addendums are signed and the earnest money deposit has been made, we move into a phase of the transaction called the due diligence phase. This is the time when everyone updates their insurance company and post office of the upcoming move, the final packing and touch-ups around the home happen, etc etc., and ultimately, all contingencies need to be addressed.

Contingencies in a real estate transaction refer to specific conditions that must be met in order for the sale to proceed. If any of these contingencies are not met during the contingency period defined in the purchase agreement, the buyer may have the option to back out of the sale without penalty and take back their earnest money…

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