If you’re buying or selling residential real estate in MA, you’re likely going to be seeing an American Land Title Association (or ALTA) settlement statement. Its purpose is to explain all of the money transferring hands in your transaction in the form of direct payments, loans, and adjustments. Everything is separated between the borrower/buyer and seller in different sections with labels on each column and row.
Pay special attention to loan fees and impound charges (aka escrows) which exist to approve the buyer and protect the lender, respectively.
Don’t forget there are charges associated with selling! Check out our more in-depth video on this topic, linked in the video above.
If you have any further questions about ALTA settlement statements or other documents, contact Stiles Law by calling (781) 319-1900
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