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.
In San Jose, California, a closing statement refers to a document that summarizes the financial aspects of a real estate transaction once it reaches its final stages. This statement is prepared by an escrow officer or a real estate attorney and serves as a final review of all the financial details between the buyer and seller before the completion of the sale. The presence of multiple types of closing statements can be observed depending on the context of the transaction, such as residential or commercial properties. For residential real estate transactions, two main types of closing statements are commonly used in San Jose, California: 1. Buyer's Closing Statement: This type of closing statement focuses on the financial obligations and expenses that the buyer needs to settle during the closing process. It includes a breakdown of the purchase price, loan amount, down payment, prorated property taxes, title fees, inspection costs, and any additional expenses related to the purchase. This statement ensures transparency between the buyer and the seller by providing a comprehensive view of the financial aspects involved in the transaction. 2. Seller's Closing Statement: The seller's closing statement primarily outlines the financial aspects that the seller needs to address during the closing process. It includes details such as the sales price, outstanding mortgage balances, prorated property taxes, real estate agent commissions, title fees, and any other costs incurred by the seller. This statement is designed to provide clarity to the seller, ensuring they understand their financial obligations and proceeds from the sale. It is crucial for both buyers and sellers in San Jose, California, to review their respective closing statements thoroughly to ensure accuracy and transparency. By carefully examining the details mentioned in the closing statement, all parties involved can ensure that all financial aspects of the real estate transaction are accurately accounted for and settled, leading to a smooth and successful closing process.In San Jose, California, a closing statement refers to a document that summarizes the financial aspects of a real estate transaction once it reaches its final stages. This statement is prepared by an escrow officer or a real estate attorney and serves as a final review of all the financial details between the buyer and seller before the completion of the sale. The presence of multiple types of closing statements can be observed depending on the context of the transaction, such as residential or commercial properties. For residential real estate transactions, two main types of closing statements are commonly used in San Jose, California: 1. Buyer's Closing Statement: This type of closing statement focuses on the financial obligations and expenses that the buyer needs to settle during the closing process. It includes a breakdown of the purchase price, loan amount, down payment, prorated property taxes, title fees, inspection costs, and any additional expenses related to the purchase. This statement ensures transparency between the buyer and the seller by providing a comprehensive view of the financial aspects involved in the transaction. 2. Seller's Closing Statement: The seller's closing statement primarily outlines the financial aspects that the seller needs to address during the closing process. It includes details such as the sales price, outstanding mortgage balances, prorated property taxes, real estate agent commissions, title fees, and any other costs incurred by the seller. This statement is designed to provide clarity to the seller, ensuring they understand their financial obligations and proceeds from the sale. It is crucial for both buyers and sellers in San Jose, California, to review their respective closing statements thoroughly to ensure accuracy and transparency. By carefully examining the details mentioned in the closing statement, all parties involved can ensure that all financial aspects of the real estate transaction are accurately accounted for and settled, leading to a smooth and successful closing process.
