The financial disclosure statement that accounts for all of the funds received and expected at the closing of the escrow, including deposits or taxes, hazard insurance and mortgage insurance.
A Closing Statement is a document that summarizes the itemized expenses involved in the sale/purchase of the property.
The itemized costs are separate from the down payment. Typically the title company creates the closing statement: one for the seller, one for the buyer, and a combined statement,
The closing statement covers a number of costs including loan document processing fees, appraisal report fees, credit report fees, title fees, escrow fees, broker commissions, pro-rations of property taxes, inspections that have been billed to the escrow account, pro-rations of water, sewer, HOA fees, any pre-paid fees, just to name a few items that appear on a typical closing statement.
It is a summary of all of the expenses, credits, and deposits. It is a financial summary of the real estate transaction.