Definition
Settlement Statement
Also called: closing statement, ALTA statement, HUD-1
The settlement statement is the closing document itemizing every dollar in a sale: the price, payoffs, commissions, taxes, fees, and prorations, ending in the exact amount disbursed to the seller. Reviewing it before closing day is how surprises get caught.
Modern closings use the ALTA settlement statement (the older 'HUD-1' name persists colloquially). Sellers should reconcile it against their payoff quote and contract — numbers occasionally arrive wrong, and the closing table is the worst place to discover it.
The statement is also the record heirs and co-sellers rely on when splitting proceeds: each disbursement is documented, which is why estate sales route through escrow even in all-cash deals.
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