The ALTA settlement statement is an itemized list of all of the fees or charges that the buyer and seller will pay during the settlement portion of a real estate transaction. Everything from the sale price, loan amounts, school taxes and other pertinent information is contained in this document.
American Land Title Association (ALTA) is a trade group founded in 1907, that represents over 6,000 title insurance companies and escrow agents. It holds its members to a code of ethics in order to maintain a high trust in the real estate industry. Types of ALTA Statements. There are four (4) versions of ALTA Settlement Statements:
What is the ALTA Settlement Statement? The ALTA Settlement Statement is a form that itemizes all of the credits and costs associated with a real estate transaction. There are four different versions of this form, including: Combined Settlement Statement that shows both buyer and seller costs
There are 4 types of ALTA statements made according to their unique recipients. These four types of statements are: ALTA Statement for the Seller. A statement of cost components that the seller is supposed to receive. ALTA Statement for the Borrower/Buyer. ALTA statement with the same cost components made exclusively for the buyer.
An Alta Survey is a comprehensive land survey that provides detailed information about a property beyond what a typical boundary survey would show. The survey includes information on property boundaries, improvements, easements, encroachments, and other features that could impact the property’s use or value.
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what is alta in real estate
