DEFINITION of 'Closing Statement'

A document commonly used in real estate transactions, detailing the fees, commissions, insurance, etc. that must be transacted for a successful transfer of ownership to take place. This document is prepared by a closing agent and is also known as a "settlement sheet".

BREAKING DOWN 'Closing Statement'

This legal document sets out the exact amount of money needed to close a real estate transaction and effect the transfer of title and ownership from the seller to the buyer. It includes all the costs involved in the sale, such as mortgage insurance and property tax deposits.

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