The Closing Disclosure for Real Estate Closings Explained

In this tutorial video, we'll go over what a closing disclosure for real estate closings is, and explain the most important parts of the closing disclosure. We'll go over an example of a closing disclosure for a multi-million condo purchase in Miami, Florida and explain what the various pages and line items mean, and what to watch out for.

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We'll go over an example closing disclosure that incorporates a closing credit from the seller to the buyer, and how banks may require you to account for that closing credit. Essentially, many major banks will require you to simply account for the credit by shifting over buyer closing costs to the seller's column, instead of simply adding a credit to the buyer as a separate line item.

The second page of the closing disclosure is very important to pay attention to as it explains what the closing costs are, and who's responsible for each line item. This will sum up at the bottom for a closing cost figure that you should expect to pay.

The third page of the closing disclosure may be even more important as it sums up what you owe, and subtracts from that what's already been paid on your behalf. What's left is the cash required to close, i.e. what you need to wire to the closing agent in order to close.

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The closing disclosure is a version of a settlement statement that is used today for real estate closings, and is required to be used vs the older HUD-1 statement for closings where the buyer is financing with a mortgage.

If you are financing, remember to coordinate with your mortgage bankers to get your closing disclosure at least 3 days before closing day, as that is a rule that must be followed. If you don't get your closing disclosure within 3 days of closing, then closing may be delayed.

Learn more about closing costs for buyers in Florida: https://www.hauseit.com/closing-costs-for-buyer-in-florida/
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Hauseit Group LLC, Licensed Real Estate Broker
Tel: (888) 494-8258 | https://www.hauseit.com
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