Ohio Closing Statement
About this form
The Closing Statement is a crucial document used in real estate transactions, specifically for cash sales or owner-financed sales. This settlement statement provides a detailed account of all financial transactions between the buyer and seller, ensuring transparency and mutual agreement. Unlike other real estate forms, the Closing Statement explicitly outlines expenses and how funds are distributed at the closing of a sale.
What’s included in this form
- Balance: Reflects the financial position after expenses are accounted for.
- Expenses: Details costs associated with the transaction, including title search, recording fees, and attorney fees.
- Adjustments: Includes prorations for taxes and any other adjustments that may affect the final balance.
- Sellers and Buyers Certification: Signatures from both parties affirming the accuracy of the document.
Situations where this form applies
This form is essential during the closing process of a real estate transaction. It should be used when the transaction is a cash sale or when the seller is providing owner financing. The Closing Statement helps both parties understand their financial obligations and ensures that all costs are accounted for before finalizing the sale.
Who needs this form
- Real estate sellers and buyers involved in a cash sale.
- Individuals entering into owner-financed transactions.
- Real estate agents and attorneys assisting in the closing process.
- Mortgage professionals working with buyers and sellers.
How to prepare this document
- Identify the parties involved in the transaction, including the seller and buyer.
- Enter details about the property, including the address and sale price.
- List all expenses associated with the transaction in the designated sections.
- Calculate total expenses and balances, ensuring all financial figures are accurate.
- Obtain signatures from both the seller and buyer to certify the contents of the form.
Does this document require notarization?
To make this form legally binding, it must be notarized. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session.
Avoid these common issues
- Failing to list all expenses, which may lead to disputes later.
- Not obtaining the necessary signatures from both parties.
- Incorrectly calculating totals and balances.
Why complete this form online
- Easy access to a legally vetted document drafted by licensed attorneys.
- Convenience of downloading and filling out the form from anywhere.
- Editable format allows users to customize the document as needed.
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FAQ
To get a copy of your closing statement of your home purchase in 2006, you should start by contacting the settlement agent for the purchase of the home. Depending on how long they retain their records, they should be able to supply you with a copy of your Settlement Documents.
A closing statement, also called a HUD-1 statement or settlement sheet, is a form used in real estate transactions with an itemized list of all the costs to the buyer and seller.
A closing agent prepares the closing statement, which is settlement sheet. It's a comprehensive list of every expense that the buyer and seller must pay to complete the real estate transaction. Fees listed on this sheet include commissions, mortgage insurance, and property tax deposits.
The Closing Disclosure form is issued at least three days before you sign the mortgage documents. It is a final accounting of your loan's interest rate and fees, mortgage closing costs, your monthly mortgage payment and the grand total of all payments and finance charges.
A closing statement is a document that records the details of a financial transaction. A home buyer who finances the purchase will receive a closing statement from the bank, while the home seller will receive one from the real estate agent who handled the sale.
A closing statement, also called a HUD-1 statement or settlement sheet, is a form used in real estate transactions with an itemized list of all the costs to the buyer and seller.
Closing costs include the myriad fees for the services and expenses required to finalize a mortgage. You'll have to pay closing costs whether you buy a home or refinance. Most of the closing costs fall on the buyer, but the seller typically has to pay a few, too, such as the real estate agent's commission.
What is the seller's closing statement, aka settlement statement? The seller's closing statement is an itemized list of fees and credits that shows your net profits as the seller, and summarizes the finances of the entire transaction.
Completing Part B of HUD-1Fill in the property location and the name and address for the borrower, seller and lender. The settlement agent, date and location also are needed. Fill in the appropriate lines in sections J and K, which are summaries of the borrower's and seller's transactions, respectively.