An Escrow Settlement Statement, also known as the TRID form, HUD, or Escrow Closing Statement, is an important document in real estate transactions. This form provides a detailed breakdown of all financial transactions involved in the purchase or sale of a property. It includes the purchase price, loan amount, closing costs, taxes, fees, and other charges associated with the transaction.
The purpose of the Escrow Settlement Statement is to ensure transparency and protect all parties by clearly outlining who is responsible for each cost. Buyers and sellers can see the exact amounts they need to pay or receive, including any credits, prorated taxes, or fees. This transparency helps prevent misunderstandings or disputes about the financial aspects of the transaction.
For real estate agents, if time permits, see if you can review your client’s Escrow Settlement Statement prior to their signing appointment. As the final accounting document, making sure that all funds are accurately distributed according to the purchase agreement helps ensure a smooth transaction and avoids unexpected surprises.
If you have further questions about the process or about line items on the settlement statement, please call Land Title Company’s Escrow Department: 360-692-4033 (Kitsap County) or 360-426-0427 (Mason County).
