Closing Statement

AAA

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".

INVESTOPEDIA EXPLAINS '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.

RELATED TERMS
  1. Mortgage

    A debt instrument, secured by the collateral of specified real ...
  2. Real Estate Agent

    A person with a state/provincial license to represent a buyer ...
  3. Housing Starts

    The number of new residential construction projects that have ...
  4. Mortgage-Backed Security (MBS)

    A type of asset-backed security that is secured by a mortgage ...
  5. Mortgage Banker

    A company, individual or institution that originates mortgages. ...
  6. Origination

    The process of creating a home loan or mortgage. During the origination ...
Related Articles
  1. Credit & Loans

    4 Steps To Attaining A Mortgage

  2. Home & Auto

    To Rent Or Buy? The Financial Issues

  3. Budgeting

    Mortgages: How Much Can You Afford?

  4. You're probably moving a lot and still paying off your student loans. Is it crazy to get a mortgage in your 20s? Here's how to decide.
    Credit & Loans

    Does A Mortgage Make Sense If You're ...

Hot Definitions
  1. Turkey

    Slang for an investment that yields disappointing results or turns out worse than expected. Failed business deals, securities ...
  2. Conduit Issuer

    An organization, usually a government agency, that issues municipal securities to raise capital for revenue-generating projects ...
  3. Financing Entity

    The party in a financing arrangement that provides money, property, or another asset to an intermediate entity or financed ...
  4. Hyperinflation

    Extremely rapid or out of control inflation. There is no precise numerical definition to hyperinflation. Hyperinflation is ...
  5. Gross Rate Of Return

    The total rate of return on an investment before the deduction of any fees or expenses. The gross rate of return is quoted ...
  6. Debit Spread

    Two options with different market prices that an investor trades on the same underlying security. The higher priced option ...
Trading Center