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closing worksheet

What’s In a Name? From “Settlement Statement” to “HUD-1” to “ALTA” Back to “Settlement Statement”

“The More Things Change” Department Once upon a time, when I started selling real estate in 2002, the worksheet that Buyers and Sellers signed at closing was simply known as . . . “the settlement statement” (or just the closing worksheet, to avoid any jargon). Then it became the “HUD-1” (HUD stands for “Housing and...
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What’s In a Name? From “Settlement Statement” to “HUD-1” to “ALTA” Back to “Settlement Statement”

“The More Things Change” Department Once upon a time, when I started selling real estate in 2002, the worksheet that Buyers and Sellers signed at closing was simply known as . . . “the settlement statement” (or just the closing worksheet, to avoid any jargon). Then it became the “HUD-1” (HUD stands for “Housing and Urban...
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Pro Rata Property Taxes and End of Year Closings

Debits & Credits, Credits & Debits In the vast majority of real estate closings in Minnesota ” 99.45%**, to be exact ” the title companies doing the closing have to calculate a pro rata property tax adjustment between the Buyer and Seller That’s because Minnesota homeowners pay property taxes twice a year (May 15 and...
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What’s in a Name? From “Settlement Statement” to “HUD-1” to “ALTA” Back to “Settlement Statement”

“The More Things Change” Department Once upon a time, when I started selling real estate in 2002, the worksheet that Buyers and Sellers signed at closing was simply known as . . . the settlement statement (or just the closing worksheet, to avoid any jargon). Then it became the “HUD-1” (HUD stands for “Housing and Urban Development,” the federal...
Read More

Pro Rata Property Taxes and End of Year Closings

Debits & Credits, Credits & Debits In the vast majority of real estate closings in Minnesota ” 99.45%**, to be exact ” the title companies doing the closing have to calculate a pro rata property tax adjustment between the Buyer and Seller That’s because Minnesota homeowners pay property taxes twice a year (May 15 and October...
Read More

Pro Rata Property Taxes and End of June Closings (December, Too)

Debits & Credits, Credits & Debits In the vast majority of real estate closings in Minnesota ” 99.45%**, to be exact ” the title companies doing the closing have to calculate a  pro rata property tax adjustment between the Buyer and Seller That’s because in Minnesota, homeowners pay property taxes twice a year (May 15...
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