The closing is the final step in the sale, purchase or refinance of the property. Ownership of the property is transferred, title insurance is issued and coverage begins.
Those present at the closing may include the buyer, the seller, the lender, real estate agents representing either party, and the closing agent.
LRCS conducts the closing according to the instructions of the lender, the terms of the contract between the buyer and seller, and the requirements of state and federal laws.
What is a HUD-I Settlement Statement?
The HUD-I Settlement Statement is the document prepared by the title company at closing which shows where all of the money in the transaction is coming from and going to. It gives a ‘financial picture’ of the closing transaction. At closing, the title company is responsible for preparing the HUD-I Settlement Statement in accordance with the contract, lender’s instructions, market practice and state and federal laws.