settlement statement

Definition

Detailed document provided to the buyer and seller of a piece of property that outlines what is owed by both parties participating in the transaction. This statement is provided as part of closing proceedings on the property and is required by federal law. All costs associated with the sale are included in this official document.

Related Terms

Browse Definitions by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
settlement sheet outside of closing