This Closing Statement is for a real estate transaction where the transaction is a cash sale or provides for owner financing. This settlement statement is verified and signed by both the seller and the buyer.
Long Beach California Closing Statement, also known as a real estate closing statement, is a document that provides a comprehensive summary of the financial transactions and parties involved in a real estate transaction in the city of Long Beach, California. It serves as the final statement of account for both the buyer and seller, detailing the distribution of funds, fees, and expenses associated with the purchase or sale of a property. The Long Beach California Closing Statement is an important piece of documentation that ensures all financial aspects of the real estate transaction are accurately recorded and accounted for. It typically includes the following information: 1. Property Information: The closing statement will include details about the property, such as the address, legal description, and the names of the buyer and seller. 2. Purchase Price: The statement outlines the agreed-upon purchase price of the property. 3. Prorated Expenses: Certain expenses, such as property taxes, homeowner's association fees, and utilities, may be prorated between the buyer and seller based on the closing date. 4. Credits and Debits: The statement itemizes all financial credits and debits related to the purchase or sale of the property. This includes the down payment, earnest money, loan amount, appraisal fees, inspection costs, title insurance, commissions, and any other lender fees. 5. Loan Information: If the transaction involves financing, the closing statement will detail the loan amount, any points paid, and the lender's fees. This section may also outline provisions for adjustments or prorations related to the loan before it is disbursed. 6. Escrow Account: The closing statement will usually include information about any funds held in escrow, such as deposits or payoff amounts for outstanding mortgages or liens. 7. Closing Costs: This section breaks down the various closing costs incurred by both the buyer and seller, including attorney fees, recording fees, transfer taxes, and title services. These costs are typically divided between the parties as per the terms of the purchase agreement. Different types of Long Beach California Closing Statements may include: 1. Residential Closing Statement: Used for the purchase or sale of a residential property, such as a single-family home, condominium, or townhouse. 2. Commercial Closing Statement: Pertains to commercial real estate transactions involving properties such as office buildings, retail spaces, industrial warehouses, or multi-unit apartment complexes. 3. Refinance Closing Statement: Associated with refinancing a property to secure a new loan or change the terms of an existing mortgage. In conclusion, the Long Beach California Closing Statement is a vital document in any real estate transaction within the city of Long Beach. It provides a comprehensive breakdown of the financial aspects related to the purchase or sale of a property, ensuring transparency and accuracy for all parties involved.Long Beach California Closing Statement, also known as a real estate closing statement, is a document that provides a comprehensive summary of the financial transactions and parties involved in a real estate transaction in the city of Long Beach, California. It serves as the final statement of account for both the buyer and seller, detailing the distribution of funds, fees, and expenses associated with the purchase or sale of a property. The Long Beach California Closing Statement is an important piece of documentation that ensures all financial aspects of the real estate transaction are accurately recorded and accounted for. It typically includes the following information: 1. Property Information: The closing statement will include details about the property, such as the address, legal description, and the names of the buyer and seller. 2. Purchase Price: The statement outlines the agreed-upon purchase price of the property. 3. Prorated Expenses: Certain expenses, such as property taxes, homeowner's association fees, and utilities, may be prorated between the buyer and seller based on the closing date. 4. Credits and Debits: The statement itemizes all financial credits and debits related to the purchase or sale of the property. This includes the down payment, earnest money, loan amount, appraisal fees, inspection costs, title insurance, commissions, and any other lender fees. 5. Loan Information: If the transaction involves financing, the closing statement will detail the loan amount, any points paid, and the lender's fees. This section may also outline provisions for adjustments or prorations related to the loan before it is disbursed. 6. Escrow Account: The closing statement will usually include information about any funds held in escrow, such as deposits or payoff amounts for outstanding mortgages or liens. 7. Closing Costs: This section breaks down the various closing costs incurred by both the buyer and seller, including attorney fees, recording fees, transfer taxes, and title services. These costs are typically divided between the parties as per the terms of the purchase agreement. Different types of Long Beach California Closing Statements may include: 1. Residential Closing Statement: Used for the purchase or sale of a residential property, such as a single-family home, condominium, or townhouse. 2. Commercial Closing Statement: Pertains to commercial real estate transactions involving properties such as office buildings, retail spaces, industrial warehouses, or multi-unit apartment complexes. 3. Refinance Closing Statement: Associated with refinancing a property to secure a new loan or change the terms of an existing mortgage. In conclusion, the Long Beach California Closing Statement is a vital document in any real estate transaction within the city of Long Beach. It provides a comprehensive breakdown of the financial aspects related to the purchase or sale of a property, ensuring transparency and accuracy for all parties involved.
