Settlement Statement

An itemized list of the services provided and fees charged in connection with the purchase and/or financing of residential real estate. Under RESPA, the agent who will conduct the closing, or settlement, of such a transaction must provide a settlement statement to the parties involved. The format required under RESPA is referred to as a HUD-1 settlement statement.

A document required by the Real Estate Settlement Procedures Act (RESPA). It is an itemized statement of services and charges relating to the closing of a property transfer. The buyer has the right to examine the settlement statement 1 day before the closing. This is called the HUD 1 Settlement Statement.