What is a settlement statement in real estate?
The document that used to be called a settlement statement is now known as a closing disclosure.
Michele Petry is a senior editor for Bankrate, leading the site’s real estate content since January 2022. Before joining Bankrate she was a writer and editor for StreetEasy, Zillow’s New York City real estate site. Before that, she amassed 20 years of experience on staff at national magazines, honing her skills editing home-based content at House Beautiful, Elle Decor and Veranda (among other titles). Michele earned her journalism degree from Syracuse University’s Newhouse School of Public Communications and is a member of the Society for Advancing Business Editing and Writing (SABEW) and the National Association of Real Estate Editors (NAREE). She lives in Manhattan.
Buying your first home is scary, stressful and thrilling all at once. I couldn’t believe a bank was willing to lend a young, clueless me what seemed at the time like SO. MUCH. MONEY. The fact that it was a New York City co-op apartment, with all the esoteric rules and nerve-racking interviews that includes, made it even more surreal. I know firsthand how important it is to have a knowledgeable real estate agent to guide you through the journey — mine specialized in my neighborhood, knew the building I was buying in specifically, and saved me from making a million naive missteps. I’m happy to use my experience and skills to help others achieve their real estate dreams.
Hire a real estate attorney for any home sale or purchase, even if your state doesn’t require you to. The contracts are complex, and the stakes are high — it’s worth the extra cost to make sure everything is legally buttoned-down.
— Michele Petry
Mortgage rates drop in hopes of a Fed rate cut
Housing prices and cost of living are relatively low in the Show-Me State.
A lot of paperwork is involved in a home sale.
Easements, which grant an outside party the legal right to use private property, can be complicated.
Should you make a backup offer on a home that’s already in contract?
Real estate is full of jargon that can confuse an already-complicated process.
With an exclusive agency deal, you don’t pay a commission if you bring in your own buyer.
Mortgage lenders usually require an appraisal, but in some cases, they may let you skip it.