Closing Statement

A closing statement is a summary document that is usually found in real estate and mortgage transactions, but also in other kinds of loan scenarios. Essentially, it details all of the pertinent information, such as loan amounts, maturity, interest, payment schedule, fees, etc., and requires a sign-off of acceptance in order to enter into the loan transaction.

For real estate, a closing statement will detail terms of sale along with title transfer details, taxes due, and other pertinent information in order to close on a property transaction.

And the moral of the story is: “Always read the fine print.”