Corinne, an escrow agent, is training for the Thomas/Trenton closing in four days. Working with the lender, she'll prepare the settlement statement, which describes the costs the buyer and seller will have at
closing.
A settlement statement is a record summarizing all costs owed by or credits due to the homebuyer and seller (or borrower if refinancing). The document also includes the acquisition price of the property, loan amount, and other details.
A seller is required to have a marketable title at closing. A marketable title is so free of defects that the buyer is certain he or she will not have to support the title. To deliver a marketable title, the seller must have proof of ownership of the property, also known as proof of title.
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