Texas Closing and Settlement Costs-PDF Version
Texas Closing and Settlement Costs course will introduce the student to the closing statement (also called a settlement statement”). This is a document that provides a detailed list of each party’s expenses as well as how much he or she has already contributed to the transaction thus far. This statement also provides an accounting of the final amount that the buyer must bring to the closing.
The course approval number for this course will be available upon request
Upon completion of Texas Closing and Settlement Costs, the student will be able to:
- Outline the primary concerns that arise throughout the closing process, for both the buyer and the seller.
- Describe what both the buyer and the seller must do to prepare for the closing date.
- List the documents that the buyer and the seller must complete to close a typical real estate transaction.
- Explain a licensee’s responsibility with respect to IRS Form 1099S and HUDs Notice to the Homebuyer form.
- Name and distinguish the different types of closings.
- Describe the licensee’s role in the closing process.
- Outline the basic requirements and regulations imposed by the Real Estate Settlement Procedures Act (RESPA).
- Identify which party is responsible for each expense in a typical closing transaction.
- Explain the concept of credit and the concept of debit.
- Prorate prepaid items and accrued expenses.
- Understand the HUD1 Settlement Statement Form