What is 'Settlement Statement'
A statement that summarizes all the fees and charges that both the homebuyer and seller face during the settlement process of a housing transaction. This form, which is under the jurisdiction of the U.S. Department of Housing and Urban Development, is also known as the HUD-1.
BREAKING DOWN 'Settlement Statement'
Other things that are listed on a summary statement include the property's purchase price, the size of the homebuyer's mortgage loan and any points or similar deductions that the homebuyer has incurred.
Typically, a homebuyer has the right to examine the settlement statement one business day before settlement.