Real Estate Closing Statement Examples With Multiple Parties
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The Real Estate Settlement Statement Samples Involving Multiple Parties displayed on this page is a versatile official template created by qualified attorneys in accordance with national and local regulations.
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FAQ
In real estate, it is standard practice for different brokerages to represent the parties involved in a transaction to ensure the full protection of everyone's interests. However, it is also possible for both the buyer and seller to be represented by the same real estate agent.
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.
In a SIMO, the seller creates a mortgage note on the property to help finance the property for the buyer. The loan is then sold to an investor, who pays the seller cash at closing. The buyer receives the title to the property and makes mortgage payments to the investor, removing the seller from future transactions.
Simultaneous closing (SIMO) is a real estate financing strategy in which two transactions occur together when closing a single property. A SIMO is buying a property "on paper" to sell it the same day. In a SIMO, the seller creates a mortgage note on the property to help finance the property for the buyer.
A licensee who attends the closing must sign the settlement statement and is primarily responsible for providing a proper closing statement to the party assisted or represented. An associate must deliver a copy of the statement to the employing broker immediately after the closing.
