A(n) _____ is provided to both buyer and seller at or before the actual closing and accounts for monies that change hands during the transaction.
A) closing statement
B) contingency clause
C) title check
D) sales contract
E) buydown

Question

Quizplus · Accepted Answer

A closing statement is a document that lists all the fees, charges, and credits that both the buyer and seller will incur during the real estate transaction, including the purchase price, any prorated property taxes or HOA fees, and closing costs. It provides an itemized breakdown of the amount due at closing, and ensures that all parties are on the same page regarding the financial aspects of the deal.

A(n) _____ Is Provided to Both Buyer and Seller at or Before