If you’ve ever bought or sold a home you may have come across an ALTA Settlement Statement.
Sounds a little intimidating, doesn’t it?
I assure you it is nothing to be afraid of.
As a Buyer or Seller there are so many boxes to check in the purchase process and there can be complication after complication. That’s why people hire Real Estate Agents. We’re here to help you through the process and we take care of complications that our clients may never even know about. Your Realtor will review the ALTA and possibly make corrections with the Title Company before you ever see the statement.
With all of the moving parts in a real estate transaction an ALTA Statement will help you visualize all of your costs in one place. It’s a tool to help you understand where every dollar is spent. You should receive your ALTA Settlement Statement before closing so you have time to review it, ask questions, and request corrections if necessary.
Your lender will order the appraisal if you’re the Buyer but you will pay for it at closing. Your title company will order the Termite Report if you are the Seller but you will pay for it at closing. The Lender has fees and the Title Company has charges. It costs money to record the deed. The ALTA statement shows us exactly what you’re paying for and how much you’re paying for it. Basically, the ALTA Settlement Statement is there to help you see the big picture (as far as your money goes).
You will sign numerous documents with your real estate agent, you will sign mortgage documents from your Lender, and you will get a whole host of documents from the Title Company. It can get a little confusing trying to navigate them all, but it all comes together at closing when the entire package is put together and you can see it as a whole with experts there to explain the details.
Buying or Selling a home doesn’t have to be a difficult, that’s where using a Real Estate Agent comes in handy. We will help you see the big picture and connect the dots when you need help understanding.
Always rely on your Real Estate Agent or Broker. In fact, I would love to be the Broker you rely on! Call me, Jill Bell, when you’re ready to buy or sell real estate in Northwest Arkansas.