In one sentence
The itemized accounting of all funds in a closing, showing every charge, credit, and disbursement for each party.
The longer version
The settlement statement, on commercial deals often a closing statement rather than the residential HUD-1, reconciles sources and uses to the dollar. Every party signs off before funds move.
It is one of the most reviewed documents in a closing, and the executed version anchors the financial record in the closing binder.
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