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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 Urban Development,” the federal...
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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...
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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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9. 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...
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“HSA,” “HMS” . . . OMG(!!)

Buyer’s Agent Pre-Closing Freakout, or “The 30 Minute Home Warranty Policy” What do you do as a Buyer’s agent (OK, me) when — proofing the closing worksheet just before closing** — you catch that the Purchase Agreement includes a Seller-paid home warranty from HSA . . . and you can’t confirm that one’s been ordered?...
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“Cleared for . . . Closing”

Closing Checklist — Seller Version As a listing agent (representing the Seller), I’m not a “Mother Hen” when it comes to most closing details. That is to say, I trust my clients to empty out their homes in a timely fashion; arrange for any needed cleaning and/or repairs (see below); give notice to utilities; line...
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