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A closing statement or credit agreement is provided with any type of loan, often with the application itself. A seller's Closing Disclosure is prepared by a settlement agent and lists all commissions and costs in addition to the net total to be paid to the seller.
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.
Deed: Proof of your ownership The buyer doesn't sign this document; the seller does. At the closing, it will already be signed and notarized, naming you and any other buyers as the new owners. Make sure it's accurate. Disputes about ownership are often settled based on whose name is on the deed.
The closing statement, also called a closing disclosure or settlement statement, is essentially a comprehensive list of every expense that either the buyer and seller must pay to complete the purchase of a home (or whatever the property is).
A settlement statement is a document listing the terms and conditions of a settlement agreement and details all related costs or credits due to each party. A mortgage loan settlement statement is commonly known as a closing statement.