|When you close on the home you're buying, you will sign the HUD-1 Settlement Statement. This two-page form lists the closing costs for all of the items paid by you and the seller.
Each page has a seller's column and a buyer's column. The first page is a summary of the transaction. It takes items charged to you and subtracts items which are credits. The result will be the cash you should bring to closing in the form of a cashier's check. The last line of page two (Item 1400) lists the total settlement charges for you and the seller.
The seller's summary takes the items that the seller should be receiving and subtracts the charges. The difference is the amount of money that the seller will net at closing.
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- Topic: Home Buying