Definition
This is the final accounting document showing every cent coming in and going out of the transaction—your down payment, closing costs, credits, and what you owe. You'll get copies for your records.
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HUD-1 or Closing Disclosure shows all financial transactions. Must be provided 3 days before closing. Both buyer and seller receive statements. Itemizes every cost and credit. Reconciles all funds. Buyer verifies cash due. Seller verifies net proceeds. Discrepancies must be resolved. Title company/attorney prepares statement. Professional preparation prevents closing delays. Legal requirement for regulated transactions. Critical document for closing accuracy.
Pro Tip
Request your closing statement 3-5 days before closing so you have time to review it.
Example
Closing statement showed $42,000 cash due from buyer and $180,000 net proceeds to seller.