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A closing statement is like a final report card for buying or selling a house. It shows all the money that changed hands and who got what. It lists things like the purchase price, any deposits made, fees for things like inspections or appraisals, and how much the real estate agents earned. It's important to make sure everything adds up correctly so everyone gets what they're supposed to.
For example, let's say you just sold your house for $200,000. The closing statement would show that the buyer gave you a $5,000 deposit, and that there were $2,000 in fees for things like the inspection and the real estate agent's commission. After those deductions, the remaining $193,000 would be paid to you at closing.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
A closing statement, oh what a thrill!
It's the final report card, yes, it's real!
It shows all the money, that's changed hands,
And who gets what, oh it's so grand!
The price of the house, deposits made,
Inspection fees, oh what a trade!
Make sure it's right, so everyone's happy,
And you get paid, oh so snappy!