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.
4 min read
Aug 18, 2025
Michele Petry
Senior editor, Home Lending
EXPERTISE
- Home Lending
- Mortgages
- Housing Market
- Real Estate
EDUCATION
- Bachelor’s degree in Journalism, Syracuse University
- Certificates in Real Estate Ethics and Fair Housing Law, Real Estate Board of New York
- Continuing coursework in Mortgage Underwriting and Loan Processing, Home Appraisals, Real Estate Purchase Contracts and Data Journalism
About the author
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.
Michele beyond Bankrate
Michele wants you to know
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
Michele's latest articles
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Buying a house in Illinois: A how-to
Prices in the Chicago metro area can be exponentially higher than the rest of the state. Here’s how to buy a home in Illinois.
9 min read Oct 07, 2022 -
What is judicial foreclosure?
Judicial foreclosures, as opposed to non-judicial ones, are executed in the court system — meaning they involve a lawsuit.
3 min read Oct 06, 2022 -
How to choose a good neighborhood (it may be important than the house)
The house you can change, but not the neighborhood. Here’s what to look for.
4 min read Sep 28, 2022 -
Selling a home in Connecticut
A persistent imbalance between supply and demand makes it a good time to sell in Connecticut. Here’s everything to know.
8 min read Sep 27, 2022 -
Buying a house in Connecticut: A how-to
With prices increasing and days on market shrinking, it’s a tricky time to be a Connecticut homebuyer.
9 min read Sep 27, 2022 -
Cohousing communities: What they are and what to consider
Sharing expenses in a cohousing community can help reduce your overall housing cost.
3 min read Sep 27, 2022 -
Buying a house in Michigan: A how-to
There’s something for everyone in the Great Lakes State, from youthful college-town energy to peaceful retirement vibes.
10 min read Sep 23, 2022 -
What is a relocation company, and when do you need one?
A relocation company is typically hired by an employer who is moving an employee to a new city for work purposes.
3 min read Sep 22, 2022