Simple English definitions for legal terms
Read a random definition: consent calendar
A closing statement is a summary of the costs involved in a real estate transaction. It can be presented as a written breakdown by a lender or an escrow agent. It is also known as a settlement sheet or settlement statement.
A closing statement is a term used in two different contexts:
Both examples illustrate the definition of a closing statement. In the first example, the closing statement is a persuasive argument made by an attorney to convince the judge or jury to rule in their client's favor. In the second example, the closing statement is a document that summarizes the costs involved in a real estate transaction and helps the buyer understand how much money they need to pay to complete the purchase.