What does a closing statement provide in a real estate transaction?

A closing statement is a crucial document in a real estate transaction, providing a comprehensive summary of the sale price and all closing costs involved in the transaction. This summary details the financial aspects, including the purchase price, deposits made, costs associated with the closing process such as title insurance, escrow fees, and any adjustments for taxes or utilities. It ensures transparency for both the buyer and seller, allowing them to understand the total amount they will pay or receive at closing.

While other options may contain elements of a real estate transaction, they do not reflect the full scope or purpose of a closing statement. For example, detailing the agent's commission would be a part of a closing statement but does not encompass its overall function. Similarly, records of previous ownerships and the exact date of the transaction's finalization are not components included in a closing statement. Instead, these elements may be found in different documentation related to property history or transaction timelines. Therefore, the summary of the sale price and closing costs is the most accurate representation of what a closing statement provides.