Settlement Statements - Posted by John Katitus

Posted by Bronchick on April 15, 1999 at 09:14:30:

A settlement statement is done by a closing agent. If you act as a closing agent, then you may be liable for non-compliance with RESPA or IRS reporting requirements.

Settlement Statements - Posted by John Katitus

Posted by John Katitus on April 13, 1999 at 24:50:59:

A question prompted by my ongoing attempt to buy properties by doing as much of the paperwork as I can: When buying by putting the property in Land Trust and getting the Beneficial Interest assigned to me,

  1. When does the sale of the property for the Owner for tax reporting purposes occur? When the assignment is signed or the Deed to the Trustee recorded?

  2. A Settlement Statement is needed for the transaction. Is the standard HUD statement required? If so, where can I get some?

  3. As long as the Owner and I both sign the Settlement Statement and use it for tax reporting, is there any other procedure that must be performed before the process is complete?

As always, thanks to all.

Re: Settlement Statements - Posted by Bronchick

Posted by Bronchick on April 14, 1999 at 09:42:53:

The transfer occurs to you when the beneficial interest is assigned and delivered.

A HUD-1 is required for a closing agent regarding residential transactions involving a loan covered by RESPA. If you do your own “closing” it is not required (nor is doing your own closing recommended).

Not Recommended - Posted by John Katitus

Posted by John Katitus on April 15, 1999 at 24:48:21:

If it is an uncomplicated “Subject To” deal, Title Search performed, and Title Insurance purchased, what should I be concerned about in preparing my own Settlement Statement if the seller agrees to it and signs it? Just trying to gage my level of intimidation. Thanks.