closing statement

Definition

A document prepared by a closing agent describing a real estate transaction, including the escrow deposits for taxes, commissions, loan fees, points, hazard insurance, and mortgage insurance. also called HUD-1 statement or settlement sheet.

Use closing statement in a sentence

He made his final closing statement and everyone was glad because that meant it was time to break for lunch.

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According to t=he closing statement, we would have to pay a monthly fee that is a bit higher than we agreed to during the loan process.

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The closing statement included all of the necessary and relevant information involved in finalizing the real estate transaction of changing ownership.

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