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Settlement Statement

Settlement Statement

A document that outlines all the costs incurred by the buyer and seller throughout the process. It provides a summary of all the fees, taxes, and charges associated with the purchase or sale of a property. The settlement statement is an important document as it helps both parties understand what they owe or are owed at closing. For example, if the seller has already paid their property taxes for the year, the buyer would be responsible for reimbursing the seller for the portion of taxes owed from the date of closing until the end of the year. Settlement statements also serve as an opportunity to catch any mistakes or inaccuracies in the transaction before it's finalized. Overall, settlement statements play a crucial role in ensuring transparency and a smooth transfer of property ownership.
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