
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.
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.
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
Open houses let you see a home for sale in person. Here are the best ways to find them.
Modular homes offer homebuyers advantages over traditional homes.
This commonly used phrase in real estate typically serves as a warning that a property is being sold as-is — flaws and all.
Typically, a distressed property is either under foreclosure, or the lender is trying to sell it.
As properties fly off the market at lightning speed, buyers must be ready to compete.
Prospective buyers may consider writing a love letter to the seller in hopes of winning the bid.
Fee simple defeasible is a type of ownership that’s dependent upon the buyer meeting specific conditions, which are clearly spelled out by the seller in the contract.
Homeowners are finding themselves doing more DIY projects — and all that sweat pays off in the form of sweat equity.