Who is responsible for the buyer's closing statement?

Who is responsible for the buyer's closing statement?

• A. The Seller's broker
• B. The Designated Buyer's Broker
• C. The Listing agent
• D. The Closing attorney

Answer: (B)

The designated buyer's broker is the one responsible for the buyer's closing statement. This broker owes fiduciary duties to the buyer and acts as the buyer’s primary representative in the transaction, coordinating with the closing agent and ensuring the buyer receives, reviews, and understands the closing statement. The seller’s broker and listing agent represent the seller, not the buyer, so they aren’t responsible for the buyer’s closing statement. The closing attorney (or closing agent) prepares the document, but the broker’s role is to deliver it to the buyer and explain the line items to ensure everything reflects the contract terms.

The designated buyer's broker is the one responsible for the buyer's closing statement. This broker owes fiduciary duties to the buyer and acts as the buyer’s primary representative in the transaction, coordinating with the closing agent and ensuring the buyer receives, reviews, and understands the closing statement. The seller’s broker and listing agent represent the seller, not the buyer, so they aren’t responsible for the buyer’s closing statement. The closing attorney (or closing agent) prepares the document, but the broker’s role is to deliver it to the buyer and explain the line items to ensure everything reflects the contract terms.