AI Contract Review
AI Review for Settlement Statement
A detailed accounting of all charges and credits in a real estate transaction, also known as a HUD-1 or Closing Disclosure. It itemizes every fee, tax, and adjustment involved in the purchase or refinance of a property.
What AI flags in your settlement statement.
What AI extracts from your settlement statement.
Who needs this: Buyers and sellers in every real estate transaction need a settlement statement. Lenders, title companies, and real estate attorneys use it to verify that all financial aspects of the deal are accurately documented.
Settlement Statement review questions.
What is the difference between a HUD-1 and a Closing Disclosure?
The HUD-1 was replaced by the Closing Disclosure for most residential transactions after 2015. Some commercial transactions and reverse mortgages still use the HUD-1. Our AI handles both formats.
How does AI verify my settlement statement?
Our AI performs line-by-line mathematical verification, checks proration calculations, compares figures against the loan estimate, and flags any unusual or duplicated charges.
Can errors on the settlement statement delay my closing?
Yes, errors can cause significant delays. ClosingIQ's AI pre-scan catches errors before the signing appointment so corrections can be made in advance.
Who prepares the settlement statement?
The title company or closing attorney typically prepares the settlement statement based on information from the lender, real estate agents, and other parties involved in the transaction.
Do I receive a copy of the settlement statement before closing?
Federal law requires you to receive the Closing Disclosure at least three business days before closing. Our system tracks this timeline and alerts you if the deadline is at risk.
Review your settlement statement with AI.
Finds risks in 90 seconds. Page-level citations. First review free.