The Real Estate Encyclopedia
What Is A Closing Statement?
Category - Home Buying Questions - Buying Legal & Closing FAQ's
The Closing Statement (also called a Settlement Statement or Adjustment Sheet) is detailed cash accounting of a real estate transaction prepared by a Broker, Escrow Officer, Attorney or other person designated to process all the details of the sale. The Closing Statement shows all the cash received, all charges and credits made and all cash paid out in the transaction. In most loan transactions, the HUD settlement sheet is used.

The Closing Statement shows how the credits and expenses are allocated to either the buyer or the seller. In different States, separate closing statements may be prepared for the buyer (showing charges, credits and balance due at closing) or for the seller (showing charges, credits and the proceeds due him/her at closing. A separate statement may also be prepared for the broker showing all monies received and disbursed related to the transaction.

 
Category(s)
Home Buying Questions - Buying Legal & Closing FAQ's
Home Buying Questions - General Home Buying FAQ's
Home Selling Questions - General Home Selling FAQ's
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