Real estate glossary
Settlement statement
Also called: Closing statement, Seller's closing statement, ALTA settlement statement
The final itemized accounting of every charge and credit in the sale, showing how much the seller receives.
The settlement statement lists the sale price and every deduction and credit — commissions, escrow and title fees, loan payoffs, prorations, credits to the buyer — and ends with your net proceeds.
You usually see an estimated version before closing and a final version afterwards. When the buyer has a mortgage, a federal Closing Disclosure is also prepared, and sellers often receive their own seller's version of it.
What it means for you as a seller
Compare the estimate line by line with your contract: the price, any credits you agreed to and who pays which fees. Ask escrow about anything you do not recognize before you sign.
Related terms
- Seller closing costsThe fees and charges a seller pays at closing, such as commissions, escrow and title fees, transfer taxes and prorated bills.
- ProrationsSplitting ongoing costs like property taxes or HOA dues between buyer and seller based on the closing date.
- Close of escrowThe day the sale is complete: the deed is recorded, the buyer becomes the owner and the seller is paid.
- Form 1099-SThe IRS form escrow may file to report the gross proceeds of your home sale, with a copy sent to you.
Not legal or tax advice. These explanations are general information to help you follow your own transaction. Laws, forms and customs vary by state and county, and the terms of your own contract always control. For advice about your situation, talk to your real estate agent, a real estate attorney or a tax professional. Last updated .