When is a closing statement typically provided to the buyer?

A closing statement is typically provided to the buyer three days prior to closing to ensure that the buyer has adequate time to review the financial details associated with the transaction. This statement outlines all the costs involved, including the purchase price, loan details, closing costs, and any other fees or adjustments that may apply.

Providing the closing statement in advance allows the buyer to identify any discrepancies and seek clarification on any line items before finalizing the sale. This practice is beneficial in promoting transparency and helping buyers make informed decisions about their financial commitments just before the closing meeting.

Although the closing statement can also be discussed during the final closing meeting, receiving it three days in advance allows for any necessary questions or adjustments to be addressed. This timeframe aligns with the requirements set forth in the Real Estate Settlement Procedures Act (RESPA), which mandates the delivery of a Closing Disclosure to borrowers within a specified period before closing, ensuring consumer protection and understanding in real estate transactions.