What is the total dollar amount that the seller is "walking away with" at the close of the deal? Where in the document do you find the answer to this question? (What line?)
Are the borrowers paying any discount points on their loan? What line of the document provides the answer to this question? What other loan fees are the borrowers paying? (Be sure to list them all.)
Who is paying for title insurance in this deal? Where did you find this information?
Does the seller have an existing loan that is getting paid off? If yes, what is the balance of the loan?
What is the total amount that the buyer is borrowing? How much is the primary mortgage/trust deed? Is there a second loan? If so, how much is the second mortgage/trust deed? Where did you find this information?
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Instructions
Read over the sample Settlement Statement Download sample Settlement Statement and answer the questions below.

What is the total dollar amount that the seller is "walking away with" at the close of the deal? Where in the document do you find the answer to this question? (What line?)
Are the borrowers paying any discount points on their loan? What line of the document provides the answer to this question? What other loan fees are the borrowers paying? (Be sure to list them all.)
Who is paying for title insurance in this deal? Where did you find this information?
Does the seller have an existing loan that is getting paid off? If yes, what is the balance of the loan?
What is the total amount that the buyer is borrowing? How much is the primary mortgage/trust deed? Is there a second loan? If so, how much is the second mortgage/trust deed? Where did you find this information?
Preview of Sample Settlement Statement Download Preview of Sample Settlement Statement

 

Transcribed Image Text:

A. U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT Glendale, CA c. PROPERTY LOCATION: 123 PURCHASE LANE GLENDALE, CA BUYER 4. 6. ESCROW UBER. 1-10533 8. MORTGAGE INSURANCE NUMBER: THIS NOTE IS FURNISHED TO GIVE YOU A STATEMENT OF THE ACTUAL SETTLEMENT COSTS. AGENT ARE SHOWN. ITEMS MARKED (P.O.C.) MERE PAID OUTSIDE OF THE CLOSING, PURPOSES AND ARE NOT INCLUDED IN THE TOTALS. D. NAME OF BORROWER: E. HAME OF SELLER. JOHN BUYER JOHN SELLER JANE BUYER JANE SELLER 123 Purchase Lane 104. 105. SETTLEMENT STATEMENT SUMMARY OF BORROWER'S TRANSACTIONS 100 GROSS AMOUNT DUE FROM BORROWER 101.CONTRACT SALES PRICE 800,000.00 102.PERSONAL PROPERTY 103.SETTL. CHRGS. TO BORROWER (LINE 1400) 10,122.01 Adjustments: items paid by seller in advance 106.CITY/TOWN TAXES 107.COUNTY TAXES Sun 108.ASSESSMENTS 109.TAXES 06/01/20 TO 07/01/20 110. 111. 112. 120. 205. 206 207. 208. 209. 201.DEPOSITS 202. PRINCIPAL AMOUNT OF NEW LOAN (S) 203. EXISTING LOAN (S) TAKEN SUBJECT TO 204. NEW 2ND TRUST DEED GROSS AMOUNT DUE FROM BORROWER 215. 216. 217. 218. 219. 220. Adjustments: Items unpaid by seller 210.CITY/TOWN TAXES 211.COUNTY TAXES 212 ASSESSMENTS 213.. 214. 1. [] TOTAL PAID BY/FOR BORROWER H. SETTLEMENT ACEET:COLONIAL ESCROW, INC. PLACE OF SETTLEMENT 601 EAST GLENOAKS BLVD, SUITE 210 GLENDALE, CA 91207 2021 P.O. BOX 433 GLENDALE, CA 91209-0433 811,000.00 B. FHA TYPE OF LOAN 2. 404. 405. 810,788.68 811,000.00 211.32 VA 5. GROSS AMOUNT DUE 810,788.68 TO SELLER 5001 REDUCTIONS IN AMOUNT DUE TO SETLER 501 EXCESS DEPOSIT 200 AMOUNTS PAID BY OR IN BEHALF OF BORROWER 91,000.00 640,000.00 502. SETTL. CHRGS. TO SELLER (LINE 1400) 503.EXISTING LOAN (S) TAKEN SUBJECT TO 504. PAYOFF TO MOST SUPERIOR SAVINGS AND L 505. INTEREST FROM 05/01/20 TO 06/01/20 80,000.00 506 FORWARDING FEE 507 RECONVEYANCE FEE FmHA 3. [X] Conv, unis AMOUNTS PAID TO AND BY THE SETTLEMENT THEY ARE SHOWN HERE FOR INFORMATIONAL 408. ASSESSMENTS 666.67 409. TAXES 06/01/20 TO 07/01/20 410. 411. 412. 420. Il Conv. ins 7. LOAN WUKBER F. BAKE OF LENDER GET SHART SAVINGS AND LOAN 123 Lending Lane. Beverly Hills, CA 91020 300 CASH AT SETTLEMENT FROM TO BORROWER 1600% 301. Gross amounts due from borrower (line 120) 302. Less amounts paid by/for borrower (line 220) 303. CASH FROM[ ] TO [X] BORROWER 512. ASSESSMENTS 513. 514. K. SUMMARY OF SELLER'S 600): GROSS AMOUNT DUE TO SELLER 401. CONTRACT SALES PRICE 402 PERSONAL PROPERTY 403.DEPOSITS 508. NEW 2ND TRUST DEED 509. I. SETTLIDEET DATE: Adjustments: items paid by seller in advance 406.CITY/TOWN TAXES 407.COUNTY TAXES 06/01/20 TRANSACTIONS 515. 516. 517. 518. 519. 520. TOTAL REDUCTION AMOUNT DUE SELLER Adjustments: Items unpaid by seller 510.CITY/TOWN TAXES 511.COUNTY TAXES EFNILING 800,000.00 (line 420) 602. Less reductions in amount due seller (line 520) 603. CASH FROM[ ] TO[X] SELLER 666.67 800,666.67 CASH AT SETTLEMENT TO/FROM SELLER 601. Gross amount due to seller SELLER 54,845.00 490,000.00 4,161.64 50.00 60.00 80,000.00 629,116.64 800,666.67 629,116.64 171,550.03 A. U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT Glendale, CA c. PROPERTY LOCATION: 123 PURCHASE LANE GLENDALE, CA BUYER 4. 6. ESCROW UBER. 1-10533 8. MORTGAGE INSURANCE NUMBER: THIS NOTE IS FURNISHED TO GIVE YOU A STATEMENT OF THE ACTUAL SETTLEMENT COSTS. AGENT ARE SHOWN. ITEMS MARKED (P.O.C.) MERE PAID OUTSIDE OF THE CLOSING, PURPOSES AND ARE NOT INCLUDED IN THE TOTALS. D. NAME OF BORROWER: E. HAME OF SELLER. JOHN BUYER JOHN SELLER JANE BUYER JANE SELLER 123 Purchase Lane 104. 105. SETTLEMENT STATEMENT SUMMARY OF BORROWER'S TRANSACTIONS 100 GROSS AMOUNT DUE FROM BORROWER 101.CONTRACT SALES PRICE 800,000.00 102.PERSONAL PROPERTY 103.SETTL. CHRGS. TO BORROWER (LINE 1400) 10,122.01 Adjustments: items paid by seller in advance 106.CITY/TOWN TAXES 107.COUNTY TAXES Sun 108.ASSESSMENTS 109.TAXES 06/01/20 TO 07/01/20 110. 111. 112. 120. 205. 206 207. 208. 209. 201.DEPOSITS 202. PRINCIPAL AMOUNT OF NEW LOAN (S) 203. EXISTING LOAN (S) TAKEN SUBJECT TO 204. NEW 2ND TRUST DEED GROSS AMOUNT DUE FROM BORROWER 215. 216. 217. 218. 219. 220. Adjustments: Items unpaid by seller 210.CITY/TOWN TAXES 211.COUNTY TAXES 212 ASSESSMENTS 213.. 214. 1. [] TOTAL PAID BY/FOR BORROWER H. SETTLEMENT ACEET:COLONIAL ESCROW, INC. PLACE OF SETTLEMENT 601 EAST GLENOAKS BLVD, SUITE 210 GLENDALE, CA 91207 2021 P.O. BOX 433 GLENDALE, CA 91209-0433 811,000.00 B. FHA TYPE OF LOAN 2. 404. 405. 810,788.68 811,000.00 211.32 VA 5. GROSS AMOUNT DUE 810,788.68 TO SELLER 5001 REDUCTIONS IN AMOUNT DUE TO SETLER 501 EXCESS DEPOSIT 200 AMOUNTS PAID BY OR IN BEHALF OF BORROWER 91,000.00 640,000.00 502. SETTL. CHRGS. TO SELLER (LINE 1400) 503.EXISTING LOAN (S) TAKEN SUBJECT TO 504. PAYOFF TO MOST SUPERIOR SAVINGS AND L 505. INTEREST FROM 05/01/20 TO 06/01/20 80,000.00 506 FORWARDING FEE 507 RECONVEYANCE FEE FmHA 3. [X] Conv, unis AMOUNTS PAID TO AND BY THE SETTLEMENT THEY ARE SHOWN HERE FOR INFORMATIONAL 408. ASSESSMENTS 666.67 409. TAXES 06/01/20 TO 07/01/20 410. 411. 412. 420. Il Conv. ins 7. LOAN WUKBER F. BAKE OF LENDER GET SHART SAVINGS AND LOAN 123 Lending Lane. Beverly Hills, CA 91020 300 CASH AT SETTLEMENT FROM TO BORROWER 1600% 301. Gross amounts due from borrower (line 120) 302. Less amounts paid by/for borrower (line 220) 303. CASH FROM[ ] TO [X] BORROWER 512. ASSESSMENTS 513. 514. K. SUMMARY OF SELLER'S 600): GROSS AMOUNT DUE TO SELLER 401. CONTRACT SALES PRICE 402 PERSONAL PROPERTY 403.DEPOSITS 508. NEW 2ND TRUST DEED 509. I. SETTLIDEET DATE: Adjustments: items paid by seller in advance 406.CITY/TOWN TAXES 407.COUNTY TAXES 06/01/20 TRANSACTIONS 515. 516. 517. 518. 519. 520. TOTAL REDUCTION AMOUNT DUE SELLER Adjustments: Items unpaid by seller 510.CITY/TOWN TAXES 511.COUNTY TAXES EFNILING 800,000.00 (line 420) 602. Less reductions in amount due seller (line 520) 603. CASH FROM[ ] TO[X] SELLER 666.67 800,666.67 CASH AT SETTLEMENT TO/FROM SELLER 601. Gross amount due to seller SELLER 54,845.00 490,000.00 4,161.64 50.00 60.00 80,000.00 629,116.64 800,666.67 629,116.64 171,550.03

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Lets answer the questions one by one based on the information available in the provided Settlement Statement 1 What is the total dollar amount that th... View the full answer