Cambridge Massachusetts Closing Statement is a legal document prepared at the conclusion of a real estate transaction in Cambridge, Massachusetts. This statement serves as the final summary of all financial transactions that took place between the buyer, seller, and any other involved parties. It provides a detailed breakdown of all costs, payments, and adjustments made during the property transfer process. Keywords: Cambridge Massachusetts, closing statement, real estate transaction, financial transactions, buyer, seller, property transfer process, costs, payments, adjustments. There are two main types of closing statements commonly used in Cambridge, Massachusetts: 1. Buyer's Closing Statement: This type of closing statement is prepared for the buyer in a real estate transaction. It outlines the total amount due from the buyer, including the purchase price, closing costs, loan origination fees, title insurance, prorated taxes, and any other expenses related to the property acquisition. The buyer's closing statement also shows any credits or adjustments received by the buyer, such as earnest money deposit or seller concessions. 2. Seller's Closing Statement: This closing statement is prepared for the seller, summarizing the total amount due to them after the property sale is completed. It includes details of the purchase price, closing costs, real estate agent fees, outstanding mortgage balances, prorated property taxes, and any other expenses associated with the transaction. The seller's closing statement will show any credits or adjustments received by the seller, such as reimbursements for prepaid property taxes or repairs made before the sale. In summary, the Cambridge Massachusetts Closing Statement is a crucial document that provides a comprehensive overview of the financial aspects of a real estate transaction in Cambridge, Massachusetts. It supports transparency, ensuring that both the buyer and seller understand all the costs, payments, and adjustments involved in the property transfer process.
Cambridge Massachusetts Closing Statement
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