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The closing statement is prepared to: determine the amount of money the seller will receive at the closing. compute the amount of money the purchaser must bring to the closing. serve as a receipt for all money that changes hands at the time of closing.
A debit is money you owe, and a credit is money coming to you. The debit section highlights items that are part of the total dollar amount owed at closing. This includes the amount due for closing and title costs, which are generally split between the buyer and the seller- who pays how much is generally negotiable.
The closing statement typically lists fees in two columns, one detailing the buyer's expenses and one detailing the seller's expenses. The amount of cash the buyer must give the seller has its own entry at the bottom of the document.
Debit and credits in real estate come up during closing in a real estate transaction. A debit is money you owe, while credit is money owed to you. Debits and credits are described in a closing statement in their sections respectfully.
The closing statement includes information related to the cost of buying or selling a home. The form can also include details of the property itself. What's included on your closing statement can depend on whether you're the buyer or the seller. Property details.