Alta Settlement Statement Review
The Alta Settlement Statment is a final disclosure from the closing agent that relays the final costs to the buyer and seller of the property. This is mandatory not just for Jacksonville FL real estate but for real estate all around the country. The fees are itemized as either a credit or debit to the buyer or the seller. While rarely is there a mistake on the Alta settlement statement, it does happen as you can see from the images below.
Alta Closing Statement
As you can see there is a major divergence between the final purchase agreement and the Alta settlement statement. The Owner title insurance was debited to the buyer instead of the correct debit to the seller. Sadly this mistake on the Alta settlement statement wasn’t caught by the buyer or their Realtor.
How To Prevent Mistakes On An Alta Settlement Statement
The answer is super simple for both real estate agents and buyers or sellers. Print both documents out and use highlighters. I personally use blue for the buyer and yellow for the seller. I go line by line through the Alta settlement statement and highlight each fee and the correct association to the buyer or seller on the purchase agreement. If there is a conflict, I highlight that in Pink. This gives me an easy visual reference at any time when I need to come back to it.
At this point, you contact the title agent and bring up the discrepancy so that it can be addressed and redisclosed to all parties involved before the legal requirements for closing. If you are a real estate buyer or seller, please don’t just expect your Realtor to do the due diligence and verify all the fees are correct on the Alta settlement statement.
If you have any questions feel free to reach out to me. I'm a jacksonville FL Realtor. 904-200-5492
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