What does a closing statement include?

The closing statement is a crucial document in real estate transactions that provides a comprehensive summary of the final terms of the transaction. This document includes not only the purchase price of the property but also itemized costs and fees associated with the transaction, such as loan origination fees, title insurance costs, and any adjustments for property taxes or homeowner association fees.

By encapsulating all financial aspects of the transaction, the closing statement ensures transparency for both the buyer and seller, allowing them to verify and understand all the financial commitments involved in the real estate deal. This includes credits and debits that affect the final amount the buyer needs to bring to closing, which helps in preventing any misunderstandings about financial responsibilities.

In contrast, the other options focus on narrower aspects of the transaction. While details about the realtor’s commission, marketing costs, or property tax assessments may be important, they are not as comprehensive as the overall summary that option B provides. The closing statement is meant to be an all-encompassing document that ties together all facets of the transaction, hence making option B the correct answer.