What is a closing statement in real estate?

The closing statement, also called a closing disclosure or settlement statement, is essentially a comprehensive list of every expense that either the buyer and seller must pay to complete the purchase of a home (or whatever the property is).

What is the purpose of the closing statement?

A closing statement is a document that records the details of a financial transaction. A homebuyer who finances the purchase will receive a closing statement from the bank, while the home seller will receive one from the real estate agent who handled the sale.

What is usually included in the closing statements?

It includes the loan terms, your projected monthly payments, and how much you will pay in fees and other costs to get your mortgage (closing costs).

Is a closing statement a contract?

When used in a loan, a closing statement is also called a credit agreement or settlement sheet, this is a document that contains the details of loan application, terms of the loan and agreement reached by the lender and the borrower.

How do you read a closing statement for real estate?

0:21 7:30 How To Read A Settlement Statement From Your Real Estate Closing YouTube Start of suggested clip End of suggested clip This first page also includes your principal. And interest payment for your loan. Including anyMoreThis first page also includes your principal. And interest payment for your loan. Including any escrows. So you'll see principal and interest underneath it'll say estimated escrows.

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Closing Settlement Statement Seller:Buyer:Seller: Property Address:Buyer:City:State: ArizonaZip:Seller(s) ColumnBuyer(s) Column1a. Sales Price1b. Sales Price2a. Downpayment2b. Downpayment3a. Balance3b.

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0:21 7:30 How To Read A Settlement Statement From Your Real Estate Closing YouTube Start of suggested clip End of suggested clip This first page also includes your principal. And interest payment for your loan. Including anyMoreThis first page also includes your principal. And interest payment for your loan. Including any escrows. So you'll see principal and interest underneath it'll say estimated escrows.

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