Definition
This is simply an alternative to the standard closing statement form that some title companies prefer to use, especially in certain states or for more complex deals. It contains the same information, just organized differently.
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The ALTA Settlement Statement offers title companies and closing professionals a different format for presenting settlement information. While the Closing Disclosure is federally mandated for residential transactions, the ALTA format is sometimes preferred in certain regions or for more complex transactions. It provides similar information but may be organized differently to meet local practices or specific transaction needs.
Pro Tip
Don't worry if your title company uses ALTA instead of the standard form—the financial information will be the same either way.
Example
A commercial real estate closing might use an ALTA Settlement Statement instead of a Closing Disclosure to accommodate complex tax exchanges and multiple party transactions.