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Closing Statement
By Contributor on January 19, 2019
A closing statement is a document containing list of itemized funds that changed hands when a real estate or mortgage transaction is closed.
For the purpose of accounting of funds, it is usually prepared by real estate brokers, attorneys, escrow officers, etc.
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What lenders hope you never learn about mortgages
The closing statement might contain items like taxes, sales commissions, cash paid, credit used, survey fees, etc.
Sometimes to avoid confusion, separate closing statements are prepared for buyer and seller.
This is because certain items for either party are redundant, and will only serve to confuse the average home buyer.
This statement can also sometimes be referred to as an adjustment sheet or settlement statement.
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