This months tip comes from Ashley Melton in our Lake Oswego Office.
Why is it important to review a closing statement?
A closing statement or settlement statement is a document that provides a breakdown of the costs and credits to both the buyer and seller.
This document is to insure that both parties are aware of all financial aspects and that all payments are accurately recorded and disbursed.
There are several reasons reviewing a closing statement is important. Here are a few reasons:
- Accuracy and Error Detection: It’s helpful to review and ensure all figures are correct, such as; sales price, loan amount, closing costs, credits and client’s names. This can all be corrected before the transaction is recorded as we are all human and can make errors.
- Transparency: Ensuring all parties are fully informed about the financial details of the transaction and understand the cost showing on the statement. If the clients have any questions we are able to address them before we record.
Please help us by reviewing your closing/settlement statement and reach out to your Escrow Officer with any questions.
