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Alta Settlement Statement

Draft Balanced ALTA Settlements in Minutes

12 minutes with CaseMark

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Alta Settlement Statement

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Workflow

Alta Settlement Statement

Overview

CaseMark's ALTA Settlement Statement skill automatically drafts mathematically balanced closing statements for U.S. real estate transactions. By cross-referencing your purchase agreement, title commitment, loan documents, and payoff statements, the AI allocates every debit and credit between buyer and seller with precise prorations and verified balances.

Preparing ALTA Settlement Statements manually requires painstaking data entry across multiple source documents, complex proration calculations, and meticulous balance verification. A single arithmetic error or misallocated charge can delay closings, erode client trust, and create liability exposure for settlement agents.

CaseMark automates the entire settlement statement drafting process by extracting figures from your closing documents, computing prorations based on actual dates, and allocating costs according to contract terms. The AI enforces balance verification on both buyer and seller sides, delivering a presentation-ready ALTA statement that you can review, adjust, and finalize with confidence.

How it works

  1. 1. Upload your purchase agreement, title commitment, loan documents, and payoff statements

  2. 2. AI extracts key figures and calculates prorations, payoffs, fees, and allocations

  3. 3. Review the balanced ALTA Settlement Statement with itemized buyer and seller columns

  4. 4. Export the finalized statement in your preferred format (DOCX, PDF)

What you get

  • Header Block (Settlement Date, Parties, Property, Settlement Agent)

  • Seller's Transaction (Credits, Debits, Net Cash to Seller)

  • Buyer's Transaction (Debits, Credits, Net Cash from Buyer)

  • Proration Schedule (Taxes, HOA, Prepaid Items)

  • Balance Verification Summary

What it handles

  • Mathematically balanced buyer and seller columns with automatic balance verification

  • Proration calculations for taxes, HOA dues, and prepaid items based on closing and disbursement dates

  • Comprehensive payoff integration including existing mortgages, liens, and per diem interest

  • Lender fee allocation with prepaid items, escrow reserves, and origination charges

  • Transfer tax, commission, and recording fee allocation per contract terms

  • Cross-referenced header block with property, party, and settlement agent details

Required documents

  • Purchase and Sale Agreement

    The executed purchase contract specifying sales price, earnest money, seller concessions, and cost allocation terms

    .pdf, .docx

  • Title Commitment

    Title insurance commitment showing premiums, endorsements, and exception items requiring payoff

    .pdf, .docx

  • Loan Documents

    New loan terms including loan amount, lender origination fees, points, and prepaid item requirements

    .pdf, .docx

Supporting documents

  • Payoff Statements

    Existing mortgage and lien payoff balances with per diem interest rates and good-through dates

    .pdf, .docx

  • Tax Records

    Current year property tax amount, payment status (arrears or advance), and last paid date

    .pdf, .docx

  • HOA Documents

    Homeowners association dues, transfer fees, estoppel certificates, and special assessments

    .pdf, .docx

  • Commission Instructions

    Brokerage commission total and split instructions between listing and selling agents

    .pdf, .docx

Why teams use it

Eliminate hours of manual spreadsheet work with automated proration and fee calculations

Reduce costly errors with built-in balance verification that catches discrepancies before closing

Accelerate closing timelines by generating draft settlement statements in minutes instead of hours

Ensure consistency and compliance with standardized ALTA formatting across all transactions

Questions

How does CaseMark ensure the settlement statement balances correctly?

CaseMark enforces ALTA balance verification logic: seller credits minus debits must equal cash to seller, and buyer debits minus credits must equal cash from buyer. The AI flags any discrepancies before generating the final statement.

Can this handle prorations for property taxes paid in arrears?

Yes. CaseMark calculates prorations for both arrears and advance tax payment scenarios based on the closing date, disbursement date, and the tax records you provide. Per diem rates are computed automatically.

Does this replace a HUD-1 Settlement Statement?

The ALTA Settlement Statement is the industry successor to the HUD-1 for most residential and commercial transactions. CaseMark generates the modern ALTA format with equivalent detail and compliance.

What if the seller has multiple existing mortgages or liens to pay off?

CaseMark handles multiple payoff statements, including first and second mortgages, judgment liens, and HOA special assessments. Each payoff is itemized with per diem interest calculated through the disbursement date.

Can I customize which costs are allocated to buyer versus seller?

Absolutely. CaseMark follows the cost allocation specified in your purchase agreement, but you can review and adjust any line item before finalizing the statement.

How accurate are the AI-generated calculations?

CaseMark performs precise arithmetic based on the figures extracted from your uploaded documents. We recommend reviewing all numbers against source documents before closing, as the output quality depends on the accuracy of the inputs provided.

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