What is a required element of a closing statement?

A closing statement is a crucial document in the auction process, serving to summarize the key details of the transaction. The correct choice emphasizes the essential components that must be included: the name and address of the seller, the price the property was sold for, the date and location of the sale, and the date when the seller received payment.

These elements provide a complete picture of the transaction and ensure that all parties have a clear understanding of the agreement. Including the seller’s information establishes who is involved in the transaction, while the sale price confirms the value of the property exchanged. The date and location details are important for record-keeping and verifying compliance with any local regulations. The date of payment is also crucial as it indicates when the seller can expect to receive funds.

The other options, while they may seem relevant, do not capture all the necessary information required in a closing statement. For example, listing all bidders may not be pertinent information for the seller or the auctioneer to have recorded officially. The seller's tax identification number, while important for tax purposes, is not typically included in every closing statement. Similarly, the auctioneer's license details are not necessary in this context, as the focus should be on the transaction's particulars, not the auction