What is a Closing Statement?
A closing statement is an accounting in writing, prepared at the close of escrow which sets forth the charges and credits of your account. The items shown on the statement will reflect the purchase price, the funds deposited or credited to your account, payoffs on existing encumbrances and/or liens, the cost for all services, and a determination of the funds you are entitled to at the close of the escrow. When you receive your closing papers, review the closing statement. It is extremely logical and reflects the financial aspects of YOUR transaction. If anything does not make sense to you, you should ask your escrow officer for an explanation. When going through your closing papers, examine all of them; there may even be a refund check hiding in there. Please, cash the check quickly. Be sure to have the check properly endorsed. All payees must endorse the check. This will eliminate the check being returned unpaid due to irregular or missing endorsements. YOUR CLOSING STATEMENT AND ALL
A closing statement is an accounting, in writing, prepared at the close of escrow which sets forth the charges and credits of your account. The items shown on the statement will reflect the purchase price, the funds deposited or credited to your account, payoffs on existing encumbrances and/or liens, the costs for all services and a determination of the funds you are entitled to at the close of the escrow. When you receive your closing papers, review the closing statement; it is extremely logical and reflects the financial aspects of your transaction. If anything does not make sense to you, you should ask your escrow officer for an explanation. When going through your closing papers, examine all of them; there may even be a refund check hiding in there. Cash the check quickly, please. Be sure to have the check properly endorsed. All payees must endorse the check. This will eliminate the check being returned unpaid due to irregular or missing endorsements. Your closing statement and all
Closing statements are a common business document that helps to detail the terms of a business transaction between a supplier and a client. One of the more common types of closing statement is the real estate transaction. Closing agents prepare the statement and normally go over each line item with the client before the transaction is considered complete. Sometimes referred to as a settlement sheet or a HUD-1, a closing statement will contain all pertinent information associated with the transaction. In the case of real estate deals, the statement will include a number of elements other than just the purchase price. The real estate closing statement will also list any escrow information, including escrow deposits intended to cover taxes, and all types of processing fees that are incurred as part of the business deal. Other items included in the closing statement will depend on the exact nature of the transaction. In the event that the purchase is being conducted with the creation of a
This is a debit/credit/balance sheet of all of the funds related to your real estate transaction. You should go over this and if there is anything that you do not understand or is in question, have your escrow officer explain it to you. Your closing statement is also an important document when it comes to taxes. Your accountant will want to see it for the costs incurred and/or the profits gained. To learn more about the closing statement: http://www.realestateabc.com/homeguide/escrow3.
