Who bears responsibility for the seller's closing statement when a designated listing broker is used?

Who bears responsibility for the seller's closing statement when a designated listing broker is used?

• A. Designated Listing Broker
• B. Title Company
• C. Buyer
• D. Lender

Answer: (A)

In a designated agency setup, the seller is represented by the designated listing broker who has the duty to oversee the closing process and protect the seller’s interests. Because of this role, the designated listing broker bears responsibility for the seller’s closing statement, ensuring it correctly reflects the seller’s net proceeds and the applicable charges. While the closing statement is typically prepared by the title company or closing agent, the broker reviews, explains, and stands behind its accuracy for the seller. The buyer, lender, or title company do not carry this responsibility to the seller in this arrangement.

In a designated agency setup, the seller is represented by the designated listing broker who has the duty to oversee the closing process and protect the seller’s interests. Because of this role, the designated listing broker bears responsibility for the seller’s closing statement, ensuring it correctly reflects the seller’s net proceeds and the applicable charges. While the closing statement is typically prepared by the title company or closing agent, the broker reviews, explains, and stands behind its accuracy for the seller. The buyer, lender, or title company do not carry this responsibility to the seller in this arrangement.