TRANSACTION & CLOSING
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Settlement statement
Also called: closing statement · ALTA statement · HUD statement
A closing document summarizing funds, charges, credits and disbursements for the transaction.
What it means in practice.
The format varies by transaction and closing provider. For exchange reporting, the tax preparer often needs both relinquished- and replacement-property settlement statements.
Why it matters.
It is a key source for reconciling exchange proceeds, costs and basis items.
Additional notes.
The format varies by transaction and closing provider. For exchange reporting, the tax preparer often needs both relinquished- and replacement-property settlement statements.
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