Is there an optimal way to review the closing statement you receive?
This is part 10 of my series on the buying process. In this part, we’ll talk about reviewing the closing statement.
If you’re paying cash, they’ll give you a closing statement the day before closing your financing. They’re required by law to give you your closing statement three days before closing so you have time to review and sign off on it.
The closing statement is literally a bill with a buyer side and a seller side. It’ll have some confusing debits and credits, so go over it with your agent and have them explain it to you. It will itemize all of your expenses and all of the seller’s expenses. This is especially important if you’ve asked for the seller to pay your closing costs, because this is a line item that reduces the net to the seller and puts that over on your section as a credit. Additionally, if you got a home warranty or you have a credit towards repairs, you can usually always see how much the agents are getting paid.
If you have any questions at all, make sure you ask your agent or the closing agent to review things. If you have any other questions, don’t hesitate to call or email me at www.thinkhousesthinkholly.com. Stay tuned for part 11, where we’ll discuss the final walkthrough.