Commercial Settlement Statement Example

When it comes to a commercial real estate transaction, having a well-prepared settlement statement is crucial. Whether you are the buyer, seller, or representing a client as an attorney, a commercial settlement statement serves as a detailed breakdown of the financial aspects of the closing. At BizzLibrary.com, we provide an example of a commercial settlement statement that you can download in DOCX format to streamline your closing process.

Understanding the Commercial Settlement Statement

A commercial settlement statement, also known as a closing statement, is a document that outlines the financial transactions related to a commercial real estate closing. It provides a comprehensive summary of the costs, fees, and payments involved in the transaction. Here are the key components commonly found in a commercial settlement statement:

1. Buyer and Seller Information: The settlement statement includes the names, addresses, and contact details of the buyer and seller, as well as any attorneys or representatives involved in the transaction.
2. Description of the Property: It includes a detailed description of the commercial property being sold, such as the address, legal description, and any pertinent details regarding zoning or land use restrictions.
3. Purchase Price: The settlement statement specifies the agreed-upon purchase price for the property and any adjustments made based on inspections, appraisals, or other factors.
4. Prorated Expenses: This section outlines the prorated expenses, such as property taxes, insurance premiums, and utility bills, that are divided between the buyer and seller based on the closing date.
5. Closing Costs: It provides a breakdown of the various closing costs, including fees for title searches, title insurance, surveys, attorney services, and lender charges.
6. Settlement Funds: The statement documents the source and amount of funds used for the purchase, including the buyer's down payment, loan amount, and any adjustments made for deposits held in escrow.
7. Deed and Mortgage: It specifies the type of deed being used in the transaction and details regarding the mortgage or financing arrangements.
8. Prorated Rents: In the case of commercial properties with existing tenants, the settlement statement may include prorated rents and security deposits that are transferred to the buyer.

Download Your Commercial Settlement Statement Example

Streamline your commercial real estate closing process with our professionally drafted commercial settlement statement example. Download the DOCX template from BizzLibrary.com and customize it to meet the specific requirements of your transaction. It will save you time and ensure accuracy in documenting the financial aspects of the closing.

Visit BizzLibrary.com today to access a wide range of legal and business document templates, including commercial contracts, agreements, and more. Take control of your commercial real estate transactions and ensure a smooth and successful closing!