Understanding Your Closing Statement

learn how to read and interpret your settlement statement

What Is a Closing Statement?

It’s a final document from the title company that shows exactly where al the money is going — and what you will receive after everything is paid. Think of it like a receipt for the home sale.

💰 Here’s What You’ll See on It

  • Purchase Price – The amount we agreed to pay for your house

  • Mortgage Payoff – What’s still owed on your home (title company pays this off for you)

  • Property Taxes (Prorated) – You pay your share of taxes based on how long you owned the home this year

  • Closing Costs – These are paid by us (Double Key Solutions)

  • Net Proceeds to You – What you walk away with after everything is handled

📊 Example Breakdown:

  • Item Amount Purchase Price $120,000 Less:

  • Mortgage Payoff -$78,000 Less

  • Taxes (Prorated) -$500 Less:

  • Title Fees (We Pay) $0

  • You Receive (Net Proceeds) $41,500

What You’re NOT Paying

  • No real estate agent commissions

  • No title or escrow fees

  • No out-of-pocket costs

🏁 When Do I See This?

You’ll receive your closing statement the day before or day of closing. We’ll go over it with you and the title company can answer any questions directly.

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