Get the free REAL ESTATE CLOSING STATEMENT - highbridge

REAL ESTATE CLOSING STATEMENT Borough of High Bridge Utility Department 71 Main Street, High Bridge, NJ 08829 Email: young high bridge.org Fax: (908) 6389374 Phone: (908) 6386455 x4 PLEASE FILL OUT

How to fill out real estate closing statement

How to fill out a real estate closing statement:

1. Gather all necessary documents: Before filling out the closing statement, make sure you have all the required documents such as the purchase agreement, mortgage loan documents, title insurance policy, and any other relevant paperwork.
2. Review the purchase agreement: Carefully read through the purchase agreement to understand the terms and conditions of the real estate transaction. This will help you accurately fill out the closing statement.
3. Calculate the prorated taxes and expenses: Determine the prorated amounts for property taxes, homeowners association fees, and other expenses that need to be divided between the buyer and the seller. This is typically based on the number of days each party owns the property during the month of closing.
4. Identify the closing costs: Determine the various closing costs such as lender fees, title fees, appraisal fees, and other charges involved in the real estate transaction. These costs will need to be allocated between the buyer and the seller.
5. Calculate the net proceeds: Subtract the total closing costs and prorated expenses from the sale price to determine the net proceeds for the seller. This is the amount of money the seller will receive after all the expenses are paid.
6. Allocate funds for outstanding debts/liabilities: If there are any outstanding debts or liens on the property, allocate a portion of the seller's net proceeds to pay off these obligations. This ensures a clear title is conveyed to the buyer.
7. Prepare the closing statement form: Use the standardized closing statement form provided by your state or jurisdiction. Fill in the necessary details such as the buyer's and seller's names, property address, purchase price, closing date, and other relevant information.
8. Itemize the charges and credits: List all the charges and credits associated with the real estate transaction on the closing statement. This includes the purchase price, closing costs, prorated expenses, outstanding debts, and any other financial items relevant to the transaction.
9. Double-check the figures: Review the closing statement multiple times to ensure all the figures are accurate and properly accounted for. Mistakes in calculations can lead to discrepancies and legal issues.
10. Obtain signatures and distribute copies: Once the closing statement is filled out correctly, make sure all parties involved in the transaction sign the document. Provide copies of the closing statement to the buyer, seller, real estate agents, lenders, and any other relevant parties.

Who needs a real estate closing statement?

1. Buyers: The buyer of a property needs a closing statement to understand the final financial details of the transaction, including the purchase price, closing costs, and prorated expenses. It helps the buyer assess their financial obligations and ensures they are aware of all the charges associated with the purchase.
2. Sellers: The seller of a property needs a closing statement to determine the net proceeds they will receive from the sale after deducting closing costs, prorated expenses, and outstanding debts. It provides a comprehensive breakdown of the financial details, ensuring transparency in the transaction.
3. Lenders: Lenders involved in the real estate transaction often require a closing statement to ensure all the financial aspects of the deal are accurately documented. It helps lenders assess the buyer's financial obligations and provides them with a detailed overview of the transaction.
4. Real estate agents: Real estate agents involved in the transaction use the closing statement to understand the financial aspects of the deal and assist their clients appropriately. It helps agents provide accurate information to their clients and ensures a smooth closing process.
5. Title companies: Title companies often prepare the closing statement and rely on it to handle the funds and ensure proper disbursement of funds to the appropriate parties. It serves as an important document for title companies to facilitate a legally sound and secure closing process.

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What is real estate closing statement?

A real estate closing statement is a document that outlines the final details of a real estate transaction, including the financial aspects of the sale.

Who is required to file real estate closing statement?

The buyer, seller, or their agents are typically required to file a real estate closing statement.

How to fill out real estate closing statement?

To fill out a real estate closing statement, you need to provide information about the parties involved in the transaction, the property being sold, and the financial details of the sale.

What is the purpose of real estate closing statement?

The purpose of a real estate closing statement is to document and finalize the financial aspects of a real estate transaction.

What information must be reported on real estate closing statement?

Information such as the purchase price, closing costs, and any other financial details related to the transaction must be reported on a real estate closing statement.