Facts Regarding a Closing Statement and Other Facts of Interest

What Is A Closing Statement?

A closing statement is all of the information that you need when you close escrow.  This statement is prepared in text, and it contains information such as, purchase price, any funds that that were deposited or credited the account, liens, payoffs on current encumbrances, and the cost of all services.

When you are reviewing your closing papers, make sure you check through them thoroughly.  When you receive the check, make sure that it is properly endorsed, and cash it immediately.

 Documentation

Documentation is essential in this instance.  The more things you have documented, the better off you will be.  Your accountant will need all of the documents that you have available, such as the sale of purchase of the property.  These documents will be useful when the IRS needs proof of your costs or profits of any property that you have.

Accessing the Fees

Escrow holders are similar to any other business.  They are able to charge fees that are equivalent to the costs of maintaining the services they provide.  Escrow holders are able to do this because these fees are not regulated by the state.

Concerns Regarding Cancellations

No one opens an escrow account with intentions of faltering, but sometimes, things happen, and take a turn for the worst.  In this instance, escrow holders have rules and regulations they follow in order to resolve these issues and concerns.

For more information regarding closing statements and similar concerns, please contact us in California at Eastland Escrows.

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