Latest Articles


January 12, 2019

Closing Statement

Word of the day

Closing Statement

A detailed cash accounting of a real estate transaction prepared by a broker, escrow officer, attorney, or other person designated to process the mechanics of the sale, showing all cash received, all charges and credits made, and all cash paid out in the transaction. A closing statement may also be called a settlement statement or adjustment sheet—in all federally related loans, the HUD-1 settlement sheet is used. The statement shows how all closing and adjustment costs plus prepaid and unpaid expenses are allocated between the buyer and the seller. In many areas, separate closing statements are prepared for the buyers, showing credits, charges, and the balance due from them at closing; for the sellers, showing credits, charges, and the proceeds they will receive at closing; and for the broker, showing a detailed accounting of all monies received and disbursed in the transaction.

Related Post

Industry, Residential Real Estate, Education

Library of Real Estate Clauses

December 16, 2018

Brokerage, Technology, Consumer News, Residential Real Estate, Education, Misc

Short Sales and Tips for Newly Licensed Real Estate Agents

December 5, 2018

Brokerage, Consumer News, Residential Real Estate, Misc

Unilateral Contract VS Bilateral Contract

November 23, 2018

2021 Real Town The Real Estate Network