Closing Information: What You Need to Know

Be sure to note the basics of closing information!

When going through escrow, it’s important to understand the important information of closing statements and fees! We’ve put together an explanation of what you need to know about these!

What is it?

A closing statement is a document to reflect the purchase price, the funds deposited or credited to your account, payoffs on existing encumbrances, and liens, in addition to the costs for all services. These papers should be reviewed and any questions should be directed to your escrow officer!

Should I keep the statement?

Your accountant will need the information about the sale or purchase of the property. IRS and other agencies may require you to prove your costs or profit on the sale of your property. Your closing statement and all other escrow papers should be kept, and you can even scan them in to make a digital document for any and all income tax purposes.

What fees are associated?

Escrow holders will charge fees that reflect the cost of producing the service, the liability undertaken, and the overhead expenses. Fees will vary from business to business and county to county.

Find out more information about Closing Statements & Fees here! For all of your escrow needs to ensure that you’re able to move into the Covina, Southern California home of your dreams,  for a smooth transaction contact Eastland Escrows in Covina, California!

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s