This Closing Statement is for a real estate transaction where the transaction is a cash sale or provides for owner financing. This settlement statement is verified and signed by both the seller and the buyer.
The Memphis Tennessee Closing Statement refers to the final step in the real estate transaction process in the city of Memphis, Tennessee. It is a document that summarizes the financial aspects of the property sale or purchase, ensuring that all parties involved in the transaction agree on the terms and conditions. There are two main types of Memphis Tennessee Closing Statements: the buyer's closing statement and the seller's closing statement. The buyer's closing statement contains details regarding the agreed-upon purchase price, the amount of the down payment, the loan amount, and any additional costs incurred such as loan origination fees, attorney fees, appraisal fees, or title insurance fees. It also includes calculations of prorated property taxes and prepaid expenses such as homeowner's insurance and mortgage interest. The buyer's closing statement is aimed at providing transparency and ensures that the buyer understands the total amount they need to bring to the closing table. On the other hand, the seller's closing statement includes information about the agreed-upon purchase price, any outstanding mortgage balance, and any other liens or outstanding bills associated with the property. It details the seller's proceeds from the sale, accounting for real estate agent commissions, attorney fees, title search fees, and other closing costs. The seller's closing statement is crucial for the seller to understand the amount they will receive from the sale and any outstanding financial obligations related to the property. Both the buyer's and seller's closing statements will typically include information regarding the escrow account, which holds funds during the transaction process until the closing is finalized. The statements will also present any adjustments made for taxes, utility bills, or other prorated expenses. Additionally, both parties may choose to have legal representation present during the closing process to ensure the accuracy and legality of the closing statements. In summary, the Memphis Tennessee Closing Statement is a vital document in a real estate transaction, serving to provide a comprehensive summary of the financial aspects of the property sale or purchase, ensuring transparency and agreement between the buyer and seller.
