Oregon Closing Statement
What is this form?
The Closing Statement is a vital document used in real estate transactions, particularly for cash sales or transactions involving owner financing. This form serves as a verified summary of all financial aspects, including profits, expenses, and outstanding balances related to the sale. Unlike purchase agreements or real estate contracts, the Closing Statement is finalized at the closing of the sale and is signed by both the seller and buyer to ensure all terms are agreed upon.
Key components of this form
- Balance: Records the total amount after subtracting expenses.
- Expenses: Lists various costs associated with the transaction, including attorney fees, title search costs, and recording fees.
- Title Insurance: Ensures protection against potential title issues.
- Adjustments: Captures prorated amounts for county and city taxes and special assessments.
- Signatures: Requires signatures from both the seller and buyer, certifying accuracy.
Situations where this form applies
This form is essential when finalizing a real estate transaction. Use the Closing Statement when you are completing a purchase or sale of property, especially in cases of straight cash sales or when owner financing options are being offered. It provides clarity on financial obligations for both parties to prevent disputes after the sale.
Who needs this form
- Home buyers and sellers involved in real estate transactions
- Real estate agents coordinating property sales
- Attorneys managing real estate sales or purchases
- Investors purchasing property through cash or financing
How to prepare this document
- Identify the parties involved by entering the names of the seller and buyer.
- Specify the property details to ensure accurate identification of the transaction.
- List all expenses related to the closing, including fees for title insurance and attorney costs.
- Calculate adjustments for taxes and other prorated costs to provide a complete financial picture.
- Ensure both parties review and sign the document, acknowledging the accuracy of the information provided.
Is notarization required?
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.
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If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Common mistakes
- Failing to include all relevant expenses, leading to disputes later.
- Not verifying the accuracy of prorated items, such as taxes.
- Neglecting to have both parties sign the form, which can invalidate it.
Why use this form online
- Convenient access from anywhere, allowing for easy completion.
- Editability to customize the form according to specific transaction needs.
- Reliability with templates drafted by licensed attorneys, ensuring legal compliance.
Summary of main points
- The Closing Statement is essential for capturing the financial details of a real estate transaction.
- This form provides a clear summary to help avoid disputes between buyers and sellers.
- Completing the form accurately is crucial for ensuring a smooth closing process.
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FAQ
The deed and mortgage documents are filed with the county recorder and these become public record. 3feff You can always obtain copies of these from the recorder's office or from a title company. Most documents are digitized in some form, especially those related to the transaction.
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.
Closing costs are fees and expenses you pay when you close on your house, beyond the down payment. These costs can run 3 to 5 percent of the loan amount and may include title insurance, attorney fees, appraisals, taxes and more.
Total closing costs to purchase a $300,000 home could cost anywhere from approximately $6,000 to $12,000 or even more. The funds can't typically be borrowed because that would raise the buyer's loan ratios to a point where they might no longer qualify.
On average, home buyers in Oregon pay closing costs ranging from 2% to 5% of the purchase price.
The seller pays for the title insurance closing cost. Title insurance covers the passing of ownership to the buyer and by Oregon state law, is paid for by the seller. Title insurance rates change, but a rough estimate for today is about $1350 for a $500,000 home.
Closing costs are paid according to the terms of the purchase contract made between the buyer and seller. Usually the buyer pays for most of the closing costs, but there are instances when the seller may have to pay some fees at closing too.
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.
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.
