What is the primary goal of a closing statement?

The primary goal of a closing statement is to detail all financial transactions within a sale. This document serves as a comprehensive summary that outlines the financial aspects involved in the real estate transaction, including the purchase price, closing costs, any credits or debits applicable to the buyer and seller, and adjustments made at closing. It provides a transparent account of how much the buyer is paying, what the seller is receiving, and any other costs associated with the transaction, ensuring that all parties have a clear understanding of the financial obligations involved.

While other options may touch upon related aspects of a real estate transaction, they do not encompass the comprehensive financial details necessary for a closing statement. Summarizing property features and disclosing agent commissions could be part of the overall transaction process, but they do not capture the financial details central to the closing statement. Additionally, while transferring ownership is a crucial aspect of closing a real estate deal, it is not the primary function of the closing statement, which focuses more on the monetary transactions rather than the legal transfer itself.