Common use of A Settlement Statement Clause in Contracts

A Settlement Statement. This document must be completed with all pertinent information inclusive of date, names, addresses, signatures, all fees and any other dollar amounts that are included in the transaction. Estimates are not acceptable, as this document is required to be a true itemization of all dollar amounts paid by the borrower. If transaction amounts change, the HUD 1-A must be corrected and re-executed by the borrower(s). P.O.C. items (paid outside of closing) that are paid by the borrower must also be disclosed.