ISO Realty, Rexburg Real Estate Agents, Idaho Falls, St Anthony , Rigby , Ashton
  • Home
  • MLS Search
  • Agents
  • Buying
  • Selling
  • FAQs
  • Tools
  • Blog
Login
208-360-0252

Sign in to your account

Need to reset your phone number?

Don't have an account with us?

Click here to sign up.

What is an Escrow Settlement Statement?

An escrow settlement statement, also known as a closing statement determines who pays what and who receives money. It was formerly referred to as a HUD-1 statement. It is a document used in real estate transactions in Idaho to itemize all of the charges and credits that the buyer and seller are responsible for in the sale of a property. The statement is typically prepared by the escrow officer or title company handling the transaction and is used to ensure that all parties are aware of and agree to the terms of the sale before the transaction is completed. This is important because the settlement statements determines disbursement of funds. If property is transferred incorrectly, or funds are disbursed incorrectly, difficult situations can arise. As a buyer or seller, it is one of the most important documents you will review and sign.

Items on a Settlement Statement 

Some of the costs and fees that may be found on a settlement statement include:

  • Purchase price: The agreed upon price for the property.

  • Homeowner Association (HOA) Transfer fee.

  • Down payment: The amount of money paid by the buyer upfront to the seller.

  • Loan amount: The amount of money borrowed by the buyer from a lender.

  • Interest rate: The rate at which interest will accrue on the loan.

  • Closing costs: Fees associated with the sale of the property, such as title search fees, title insurance, recording fees, and notary fees.

  • Property taxes: Taxes that are prorated between the buyer and seller for the portion of the year that each party owns the property.

  • Homeowners insurance: Insurance that protects the property and the homeowner from damage and liability.

  • Appraisal fee: The fee charged by an appraiser to determine the value of the property.
  • Survey fee: The fee charged to survey the property.

  • Home inspection fee: The fee charged by a professional inspector to evaluate the condition of the property.

  • Pest inspection fee: The fee charged by a professional inspector to evaluate the condition of the property for pests.

  • Agent commission: The fee paid to the real estate agent representing the buyer and/or the seller.

Keep in mind that the fees may vary based on the purchase and sale agreement and who agreed to pay what fees. Some people confuse the three day Truth in Lending statement as the settlement statement. TIL disclosures are different. You can learn about Truth-in-Lending (TIL's).

Address Search

Like or Share
Loading likes...

Our Agent Reviews

Real Estate Finance FAQs

  • Finance a Idaho Home
  • What is the Lending Process?
  • What is a loan officer?
  • What is a Mortgage?
  • What is a mortgage underwriter?
  • What are mortgage interest rates?
  • What is a mortgage interest rate buydown?
  • What is a lender pre-approval letter?
  • What is a lender loan commitment letter?
  • What is RESPA
  • What is a Truth in Lending Disclosure?
  • What is a Lender's Credit Disclosure?
  • What is the difference between a TIL and CD?
  • What is Home Affordable Refinance Program?
  • What is the Idaho Housing and Finance Association
  • What is Housing and Urban Development
  • What are government-backed loans?
  • What is a FHA Loan
  • Can I use a personal loan to buy a house?
  • What is seller financing?
  • What is a financial contingency?
  • What is the Federal Fair Housing Act

Title and Escrow FAQ's

  • What is a Title Company?
  • What is an Escrow Officer
  • What is a Title Officer?
  • What is Title Insurance?
  • What is a real estate closing?
  • How is real property transferred in Idaho?
  • What is a settlement Statement?

Realtor Association FAQ's

  • Explain the Realtor Organization
  • What is the National Association of Realtors
  • What is the Idaho Association of Realtors?
  • What is a local Realtor Association?
  • Do I need a Realtor?
  • Realtor vs Real Estate Agent

Idaho Real Estate Commission FAQ's

  • What is the Idaho Real Estate Commission?
  • What is the Idaho Agency Disclosure Brochure?

Real Estate Transaction Faqs

  • What is a home sell contingency?
  • What is a title and survey contingency?
  • What is a home inspection contingency?
  • What is an appraisal contingency?
  • Can I request a reappraisal of a home?

Idaho Real Estate Topics

  • Buying a Home in Idaho
  • Determining Property Value
  • Home Owner Property Tax Exemption
  • How does demand affect Idaho Real Estate
  • How to prepare to move into a new home.
  • Primary Residence vs Rental
  • Real Estate Photography
  • Sell an Idaho Home
  • What is Home Ownership?
  • What are the types of residential property?
  • What is a CMA?
  • What is a Homeowners Association (HOA)?
  • What is the Idaho Homeowners Association Act?
  • What is house flipping?
  • What is Internet Data Exchange (IDX)
  • What is a MLS?
  • What is a non-disclosure state?
  • What is a real estate showing?
  • What is a RETS Server?
  • What is the best way to price my home?
  • What is the real estate market?
  • What is home based Permaculture?
  • What is investment property?
  • What is real estate capital appreciation?
  • What is a Real Estate Investment Trust?

Eastern Idaho Real Estate

  • Bingham County
  • Bonneville County
  • Fremont County
  • Jefferson County
  • Madison County
  • Teton County

Property Types

  • Condos and Townhomes
  • Idaho Horse Property
  • Land
  • Recreational Property
  • Single Family Homes
  • Waterfront Property

Eastern Idaho Cities

  • Ammon
  • Ashton
  • Idaho Falls
  • Island Park
  • Rexburg
  • Rigby
  • Shelley
  • Sugar City
  • St Anthony
  • Ucon
  • Home
  • MLS Search
  • Sustainability
  • Featured Properties
  • Contact Us
  • FFHA
  • DMCA

Real Estate Agents in Southeast Idaho - ISO Realty Logo

360 Partridge Lane
REXBURG, ID 83440-5346
208-360-0401
Sales@ISORealty.com

 

Brokered by:
ISO Realty of Idaho is brokered by Silvercreek Realty Group

© All Rights Reserved R C Canning Enterprises LLC 2022

Research Real Estate

  • Buyer Interview
IDX Real Estate Websites by
• Accessibility • Terms • Privacy