{"ok":true,"canonical_url":"https://dealroom.so/glossary/closing-statement","api_url":"https://dealroom.so/api/public/glossary/closing-statement","data_freshness":{"sba_records_through":"2026-05-31","fdic_records_through":"2026-03-31","dealroom_last_updated":"2026-06-15","timezone":"America/Chicago"},"source_summary":["Public SBA 7(a) loan records","FDIC institution data","DealRoom lender and franchise enrichment"],"term":{"slug":"closing-statement","term":"Closing Statement","group":"Doing the deal","definition":"This document itemizes all funds exchanged and costs incurred by both buyer and seller at the time of closing. It's the final financial summary of the transaction.","what_it_means":"Your closing statement, often prepared by the escrow agent or attorney, details the purchase price, loan proceeds, equity injection, closing costs, and prorations. Review it carefully before signing to ensure all figures match your understanding and the loan authorization. It's the definitive record of the financial aspects of the deal.","url":"https://dealroom.so/glossary/closing-statement","official_sources":[],"related":[{"slug":"lender-closing-costs","term":"Lender closing costs","url":"https://dealroom.so/glossary/lender-closing-costs"},{"slug":"loan-agreement","term":"Loan agreement","url":"https://dealroom.so/glossary/loan-agreement"},{"slug":"escrow-holdback","term":"Escrow / holdback","url":"https://dealroom.so/glossary/escrow-holdback"},{"slug":"total-project-costs","term":"Total project costs","url":"https://dealroom.so/glossary/total-project-costs"}],"related_questions":[{"question":"What if my personal financial statement shows low liquid assets?","url":"https://dealroom.so/sba-loans/basics/what-if-my-personal-financial-statement-shows-low-liquid-assets"},{"question":"How important is my personal financial statement for an SBA 7(a) loan application?","url":"https://dealroom.so/sba-7a/questions/how-important-is-my-personal-financial-statement-for-an-sba-7-a-loan-application"},{"question":"When is an SBA Form 912 (Statement of Personal History) required for a non-owner guarantor?","url":"https://dealroom.so/for-lenders/questions/when-is-an-sba-form-912-statement-of-personal-history-required-for-a-non-owner-guarantor"},{"question":"When is SBA Form 912, Statement of Personal History, specifically required for 7(a) loan applicants?","url":"https://dealroom.so/for-lenders/questions/when-is-sba-form-912-statement-of-personal-history-specifically-required-for-7-a-loan-appl"},{"question":"What is the significance of the 'Statement of Personal History' form for an SBA 7(a) loan?","url":"https://dealroom.so/sba-loans/basics/what-is-the-significance-of-the-statement-of-personal-history-form-for-an-sba-7-a-loan"},{"question":"When is an SBA Form 912 (Statement of Personal History) specifically required for a non-owner guarantor?","url":"https://dealroom.so/for-lenders/questions/when-is-an-sba-form-912-statement-of-personal-history-specifically-required-for-a-non-owne"}]},"caveats":["Definitions represent DealRoom's plain-English interpretation for buyers; verify regulatory terms against the official SBA and eCFR sources listed.","Not legal, tax, or financial advice, and not an SBA eligibility determination."],"citation":{"label":"DealRoom.so Glossary — Closing Statement","url":"https://dealroom.so/glossary/closing-statement","source_type":"DealRoom Data"}}