The ALTA Settlement Statement comes in 4 different formats. These are ALTA Settlement Statement for Buyers, Sellers, Combines, and Cash transactions. While the buyer statement resembles the statement for sellers, the combined statement is similar to the statement meant for cash transactions.
While there are a few differences between the 4 formats, nonetheless they are all segregated into 9-10 major sections that aim to list all the cost components that the seller and the buyer must pay during closing.
Overall, the 9-10 sections of the ALTA Statement highlight the following aspects:
Total financial charges and Adjustments. These costs highlight the total cost of the property along with adjustments that arise due to factors such as HOA dues etc.
Loan Charges. These costs are mostly attributed to the loan origination and underwriting process to approve the loan.
Escrow and Commissions: The ALTA also shows costs incurred to manage the mortgage and pay commissions to agents on both sides.
In addition to these, the ALTA statement features a list of other miscellaneous charges as well.
