Closing Statement

A detailed cash accounting of a real estate transaction prepared by the closing agent, usually the bank, broker or attorney, showing all cash received, all charges and credits made and all cash paid out in the real estate transaction. It may also be called a settlement statement or HUD. The statement shows how all closing and adjustment costs plus prepaid and unpaid expenses are allocated between the buyer and the seller. Usually separate statements are prepared for the buyer and the seller.

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Posted in: Closing