What is a real estate closing statement? What does a closing statement for an apartment purchase in NYC look like? What checks do I need to bring on closing day?
We’ll go through a sample real estate closing statement with you in the article below and explain what you’ll need to do before closing day.
What Is a Closing Statement in Real Estate?
A closing statement is a spreadsheet of your exact closing costs and flow of funds for a real estate transaction that your attorney provides you shortly before closing day, when final figures have been tallied. Until a real estate closing statement has been prepared by your attorney, you will only be able to estimate what your NYC closing costs will be. Closing cost figures provided by your real estate broker and mortgage broker or bank are only estimates.
Your Actual Closing Costs
The official closing statement that your attorney prepares right before closing is what you’ll actually need to cut checks for closing day. There is no standard template for what a closing statement for real estate transactions in NYC should look like. Most attorneys will manually create an Excel spreadsheet for each transaction and email it over to their client a few days before closing.
Sample Closing Statement for a NYC Co-op Apartment Purchase
This sample real estate closing statement illustrates a hypothetical all cash purchase of a HDFC coop apartment in NYC. For the sake of simplicity, we’ve assumed that the buyer is not utilizing financing for this purchase. Because the apartment for sale is a HDFC coop, you can see that a large portion of the seller’s proceeds will be going back to the HDFC corporation due to the high flip taxes associated with HDFC coop buildings.
|Total Proceeds Due Seller at Closing From Purchaser:|
|TO SELLER||March 2016 Maintenance Adjustment||$425.00|
|($850/30 x 15 days)|
|TO PURCHASER||Contract Deposit||($45,000.00)|
|Net Credits and Debits Subtotal:||($44,575.00)|
|TOTAL DUE SELLER AT CLOSING:||$405,425.00|
|Balance Due Seller Paid as Follows:|
|Attorney Name LLP||$38,000.00|
|Sample Street Housing Development Fund Corporation (HDFC)||$100,000.00|
|Estate of Recently Deceased Person||$240,425.00|
|Purchaser’s Expenses at Closing:|
|Title Company – Falcon 3 Policy (F3-NY-123531)||$940.00|
|Title Closer Fee||$250.00|
|Purchaser Legal Fees:|
|Buyer Legal Representation LLC||$2,555.00|
|TOTAL PURCHASER’S EXPENSES AT CLOSING||$3,745.00|
|TOTAL PURCHASE PRICE AND EXPENSES||$453,745.00|
|LESS: GROSS LOAN||$0.00|
|TOTAL PURCHASER FUNDS NEEDED AT CLOSING||$408,745.00|