Closing ProcessHomebuying Glossary
Settlement Statement
Also known as HUD-1
The final itemized breakdown of every dollar exchanged at closing between buyer, seller, and lender.
In plain English
The settlement statement (historically called a HUD-1, now largely folded into the Closing Disclosure for most residential loans) itemizes exactly what everyone pays and receives at closing.
Why it matters
This document is your definitive record of the transaction's finances — keep a copy for tax purposes and future reference.
Where you'll run into it
Guides and tools on TheBuyingPath that cover settlement statement in context.
Related terms
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