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Closing Statement
A closing statement is a statement that outlines the final details of a real estate transaction. It lists all the costs of the transaction and indicates the ones the seller is paying and the ones the buyer is paying. Another name for a closing statement is a settlement sheet. The closing agent draws this document up to give both the seller and the buyer details on all fees that are in the transaction. Standard items added to this statement include loan fees, related costs, advanced PMI payments, homeowners insurance, agent commissions, loan settlement amounts and purchase price information. If either the buyer or seller agrees to pay part of the other's normal fees, this information also goes on the closing statement. This document became a requirement with the passage of the Real Estate Settlement Procedures Act in 1974, and it provides a clear statement of all costs associated with the real estate transaction.