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In real estate, a closing statement is a document that is used to give information about who gets what from the transaction. It gives a detailed break down of the purchase price, the closing costs for all partied, fees to the bank, commissions and the amount of money that the selling party will walk away with.

The closing statement basically shows the precise amount, penny by penny, that is needed to purchase and sell the property. Title is never transferred without a closing statement being signed by all the necessary parties in the transaction, unless the property is being transferred without money being exchanged. For instance, when someone deeds their home to a relative, and no money is to be exchanged for the transfer of ownership, a closing statement will not be needed.

NOTE!! IF YOU ARE SELLING THE PROPERTY TO A WHOLESALER OR SOMEONE WHO IS GOING TO FLIP THE PROPERTY, YOU NEED TO UNDERSTAND THAT THERE MAY BE TWO SEPARATE CLOSINGS, THEREFORE TWO DIFFERENT CLOSING STATEMENTS.



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Real estate closing document is the closing agreement that takes place between two parties involved in it. It gives all the information of the agreement up till it is ended up.

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A closing statement is a testimony of all corresponding records on all real estate undertakings. Its purpose is to supply all concerning knowledge about real estate expenses in an accurate and complete presentation of all money matter records.

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