What is typically included in a closing statement?

A closing statement is an essential document in real estate transactions that outlines the financial aspects of the sale, providing a detailed account of all costs and fees associated with the transaction. This includes the sale price, loan amounts, adjustments for property taxes, homeowner association fees, title insurance, and any credits or debits that need to be reconciled between the buyer and seller. It ensures that both parties have a clear understanding of their financial obligations and entitlements as the transaction is finalized.

In contrast, while a list of necessary property repairs may hold significance in the negotiation process leading up to closing, it does not form a part of the closing statement itself. The current market value is generally evaluated before the closing process and typically affects pricing, but it is not a line item included in the closing statement. Lastly, while details of the buyer's mortgage might be significant for the parties involved and possibly included in related documents, they are not typically itemized in the closing statement. Thus, the information captured in the closing statement primarily centers on the financial details, making this option the most accurate choice.