Closing Statement

What Is Closing Statement?

The closing statement is a final document that represents the successful transfer of a product/property/ finances from one party to another. This is a settlement between two parties, usually signed by the notary public as well as the real estate agent if the statement is made for the real estate property transfer.

The form contains details on the fees and expenses, a description of the transaction, and deadlines if there are any. It records the amount of money that one party expects from another and even the way this money will be transferred in some cases. The form may be filled as an attachment to the real estate agreement or purchase agreement you’ve already made with the other party.

This template is also known as the settlement sheet. Many real estate agents or professional attorneys offer their services, helping to create the document appropriately based on the specific needs of each party. Yet, you can try to create the document by yourself.

What I need the closing statement for?

• As a property owner, you need a closing statement form to make sure that you receive the payment you originally asked for and that your interests are protected by the agreement. The other party needs to agree upon the rent, security, and extra conditions you offer. If not, you still have to discuss details before you fill out the document and the other party signs it;
• As the buyer/renter, you need to make sure that the closing statement template is filled appropriately and in accordance with your own wishes. The demands you’ve discussed and agreed to have to be recorded in the official document;
• As a real estate agent, you may need this document to make sure that both parties agree on the terms and conditions.

How to Fill Out the Closing Statement?

Once you learn the official closing statement definition, you understand what you need to include there. The basics are simple. This is an agreement between two parties who are ready to exchange money for the product. The most popular product is real estate, so the form is usually dedicated to the information on the property, renter, and real estate owner.

This is a final statement made before both parties receive what they are looking for. It simply records the money transfer, deadline, and conditions both parties agree upon. You can use PDFLiner to fill out the document.

All you need to do there is to open the template and fill empty sections using the tools you see on the upper panel in front of you. Once you are done, download the document on your device and send the copy to the other party. You can do it online or print it and hand it in person. Here is what you need to include in the document:

1. Provide information on the real estate, including the block, premises, adjustments, bank attorney, and broker, if you need it;
2. Provide information on the price, payment, mortgage balance, and taxes;
3. Provide data on the fuel, water, security, credit, and balance;
4. Share the information on the disbursements if you need, and the balance paid seller;
5. Provide information on the insurance;
6. Share data on the mortgage and tenancies;
7. Add remarks if you want.

Organizations that work with closing statement

• Businesses that work with clients;
• Private sellers and buyers.