Navigating the complexities of home buying or selling involves understanding a myriad of forms and documents, among which the OMB No. 2502-0265 form holds a crucial place. Issued by the U.S. Department of Housing & Urban Development, this document, better known as the Settlement Statement, plays a pivotal role in the final stages of property transactions. The form details the actual settlement costs, meticulously listing amounts paid to and by the settlement agent. Notably, certain expenses paid outside of closing (denoted as "POC" for Paid Outside Closing) are included for informational purposes, providing a complete picture of the financial transactions involved. Whether involved in an FHA, FmHA, conventional uninsured, VA, or conventional insured loan type, parties find this form indispensable for its transparent outline of borrower and seller transactions, loan information, and property and agent details. The Settlement Statement breaks down charges, adjustments, and payments comprehensive to both buyer and seller, leading to the final cash exchange at settlement. Understanding each segment—from loan origination fees to government recording charges—demystifies the closing process, ensuring both parties are well-informed of their financial obligations and adjustments. This document not only facilitates a smoother settlement process but also upholds the principle of financial transparency in real estate transactions.
| Question | Answer |
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| Form Name | Form Omb No 2502 0265 |
| Form Length | 2 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 30 sec |
| Other names | 2502 0265, form obm 2502 0159, omb2502 0265, omb pproval 2502 0265 |
OMB NO.
A. |
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B. TYPE OF LOAN: |
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U.S. DEPARTMENT OF HOUSING & URBAN DEVELOPMENT |
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SETTLEMENT STATEMENT |
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1. FHA |
2.FmHA |
3.XCONV. UNINS. |
4.VA |
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5.CONV. INS. |
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6. FILE NUMBER: |
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7. LOAN NUMBER: |
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DEMO |
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XXXXXXXXXX |
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8. MORTGAGE INS CASE NUMBER: |
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C . N O T E : |
This form is furnished to give you a statement of actual settlement costs. Amounts paid to and by the settlement agent are shown. |
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Items marked “(POC)" were paid outside the closing, they are shown here for informational purposes and are not included in the totals. |
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1.0 3/98 |
(DEMO. PFD/DEMO/10) |
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D. NAME AND ADDRESS OF BORROWER: |
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E. NAME AND ADDRESS OF SELLER: |
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F. NAME AND ADDRESS OF LENDER: |
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Buyer Name |
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Seller Name |
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Lender Name |
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Buyer Address |
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Seller Address |
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Lender Address |
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G. PROPERTY LOCATION: |
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H. SETTLEMENT AGENT: |
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I. SETTLEMENT |
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Property Street |
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Law Firm Name |
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DATE: |
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City, State |
Zip Code |
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Closing Date |
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Brief Legal Description of Property |
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PLACE OF SETTLEMENT: |
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Law Firm’s Address, City, State and Zip Code |
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Disbursement Date |
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J. SUMMARY OF BORROWER'S TRANSACTION |
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K. SUMMARY OF SELLER'S TRANSACTION |
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100. GROSS AMOUNT DUE FROM BORROWER: |
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400. GROSS AMOUNT DUE TO SELLER: |
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101. Contract Sales Price |
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Sales Price |
401. |
Contract Sales Price |
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Sales Price |
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102. |
Personal Property |
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402. |
Personal Property |
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103. |
Settlement Charges to Borrower Line 1400 |
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Buyer Charges |
403. |
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104. |
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The Total of Buyer Charges from page 2, Line 1400 |
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404. |
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Enter here any |
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Enter here any |
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105. |
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goes here. |
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405. |
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additional Seller |
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additional Buyer |
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Adjustments For Items Paid By Seller in advance |
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Adjustments For Items Paid By Seller in advance |
credits or pro- |
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charges or pro- |
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106. |
City Taxes |
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rations (such as |
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406. |
City Taxes |
to |
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rations (such as |
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tax |
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107. |
County Taxes |
to |
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tax |
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407. |
County Taxes |
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from Buyer to |
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from Buyer to |
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108. |
Assessments |
to |
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408. |
Assessments |
to |
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Seller). |
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Seller). |
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109. |
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409. |
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110. |
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410. |
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TOTAL |
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111. |
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TOTAL BUYER |
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411. |
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SELLER |
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112. |
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CHARGES |
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412. |
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CREDITS |
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Line 120 = Lines |
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Line 420 = Lines |
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120. GROSS AMOUNT DUE FROM BORROWER |
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101 through 112 |
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420. GROSS AMOUNT DUE TO SELLER |
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401 through 412 |
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200. AMOUNTS PAID BY OR IN BEHALF OF BORROWER: |
500. REDUCTIONS IN AMOUNT DUE TO SELLER: |
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201. |
Deposit or Earnest Money |
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Earnest Money |
501. |
Excess Deposit See Instructions |
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202. |
Principal Amount of New Loans |
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New Loan Amt |
502. |
Settlement Charges to Seller Line 1400 |
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Seller Charges |
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203. Existing loans taken subject to |
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503. |
Existing loans taken subject to |
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204. |
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504. |
Payoff First Mortgage to Existing Lender(s) |
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Payoff (s) |
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205. |
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505. |
Payoff Second Mortgage |
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206. |
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506. |
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The Total of Seller Charges from page 2, Line 1400 |
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207. |
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507. |
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208. |
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508. |
goes here. |
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209. |
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509. |
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Adjustments For Items Unpaid By Seller |
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Adjustments For Items Unpaid By Seller |
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Enter here any |
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Enter here any |
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210. |
City Taxes |
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510. |
City Taxes |
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additional Buyer |
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additional Seller |
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211. |
County Taxes |
to |
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credits or pro- |
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511. |
County Taxes |
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charges, debts, |
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212. |
Assessments |
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rations (such as |
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512. |
Assessments |
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or |
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tax |
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(such as tax |
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213. |
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513. |
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from Seller to |
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214. |
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Buyer). |
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514. |
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Seller to Buyer). |
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215. |
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515. |
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216. |
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516. |
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217. |
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517. |
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TOTAL |
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218. |
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TOTAL BUYER |
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518. |
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SELLER |
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219. |
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CREDITS |
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519. |
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CHARGES |
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Total 220 = Lines |
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Line 520 = Lines |
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220. TOTAL PAID BY/FOR BORROWER |
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201 through 219 |
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520. TOTAL REDUCTION AMOUNT DUE SELLER |
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501 through 519 |
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300. CASH AT SETTLEMENT FROMITO BORROWER: |
600. CASH AT SETTLEMENT TO/FROM SELLER: |
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301. |
Gross Amount Due From Borrower (Line 120) |
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Buyer Charges |
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601. |
Gross Amount Due To Seller (Line 420) |
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Seller Credits |
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302. |
Less Amount Paid By/For Borrower (Line 220) |
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Minus |
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602. |
Less Reductions Due Seller (Line 520) |
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Minus |
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Buyer Credits |
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Seller Charges |
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303 CASH ( FROM) ( TO) BORROWER |
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Equals |
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603. CASH ( TO) ( FROM) SELLER |
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Equals |
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Amount Due |
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Amount Due |
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From (Owed |
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To (Owed |
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To) Buyer at |
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From) Seller at |
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Closing |
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Closing |
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