Closing Statement

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.