Virginia
What a settlement statement shows
A settlement statement lists the price, the liens being paid, the taxes, and what the seller receives.
If a buyer is borrowing, the Consumer Financial Protection Bureau says the lender gives that buyer a Closing Disclosure three business days before closing.
A cash sale still has a statement. The title company prepares it. We do not invent the lines.
Lines sellers actually read
Look for the price, each payoff, prorated taxes, the recordation and grantor's taxes, and any credit you agreed to. The CFPB's Closing Disclosure explainer calls taxes and government fees the costs of transferring the property and recording the loan. On a cash deed, the recording lines follow the Virginia taxes in the recordation article.
Compare the draft to the contract and to the payoff letters. If a number moved, ask the settlement company why. Bring the question to us too if we are the buyer.
Cash sale and financed sale
The three-business-day Closing Disclosure rule is the CFPB rule for many loans. It is the lender's form for the borrower. A cash closing follows the title company's calendar for that file.
Your cash statement can still be read early. Ask the title company for a draft. Call (540) 547-SELL if you want us to walk the house before that draft exists.
Where numbers live
We do not print sample dollars. The documents do.
| Line | Where it comes from | Who to ask |
|---|---|---|
| Price | The contract. | The settlement company, if the draft disagrees. |
| Payoff | The lender or servicer. | Match it to the statement. |
| Recordation and grantor's tax | Code §§ 58.1-801 and 58.1-802, plus any local tax under § 58.1-814. | The clerk collects them when the deed is recorded. |
| Seller's proceeds | Price minus the lines above. | Read the draft before you sign. |
Virginia questions
- Is a Closing Disclosure the same as our statement?
- The Closing Disclosure is the CFPB form for many borrowers. A cash seller may see an ALTA-style settlement statement from the title company. Read the one they give you.
- Can you tell me the proceeds before a contract?
- We can talk after we see the house and the payoff. The statement is the arithmetic.
- Who collects the Virginia deed taxes?
- The circuit court clerk for the city or county where the land sits.
Call (540) 547-SELL or start with the address on the home page. The location guides name the ZIP codes.