A closing statement is an accounting of funds from a real estate sale, made to both the seller and the buyer separately. It details the financial transactions involved in finalizing a real estate transfer.
In real estate and accounting, a debit refers to an amount that is charged to a party, either in the context of a closing statement or as entries on the left side of a general ledger.
A settlement statement is a critical document in a real estate transaction that itemizes all the financial details and allocations for both buying and selling parties. It ensures transparency, allows for error checking, and provides documentation of the financial exchanges in the sale.
