document listing all charges payable by either buyer or seller at a real estate closing, under the Real Estate Settlement Procedures Act. The borrower has a right to request a copy of the statement one day before the property transfer takes place. This statement lists real estate commissions, lender's fees and discount points charged, title insurance costs, and the amount the lender is willing to hold in escrow for taxes and insurance.
accounting of funds from a real estate sale, made to both the seller and the buyer separately. Most states require the broker to furnish accurate closing statements to all parties to the transaction.
an accounting of funds from a real estate sale, made to both the seller and the buyer separately. Most states require the broker to furnish accurate closing statements to all parties to the transaction.
Example: Table 11.
| TABLE 11 CLOSING STATEMENT | ||||
| Seller | Buyer | |||
| Debit | Credit | Debit | Credit | |
| Real property | $400,000 | $400,000 | ||
| Prepaid taxes | 6,700 | 6,700 | ||
| Sales commission | $24,000 | |||
| Survey fee | 750 | |||
| Cash paid by buyer to close | $407,450 | |||
| Cash received by seller | 382,700 | |||
| Totals | $406,700 | $406,700 | $407,450 | $407,450 |
