Closing Statement vs. Closing Disclosure

There’s an important difference between a closing statement and a Closing Disclosure. Closing statements, issued by escrow to both buyer and seller, list all debits and credits from a transaction and show the amounts the parties owe or receive at closing. The Closing Disclosure, a five-page form from the lender, is given to the buyer at least three days before the buyer signs loan documents, and details the final loan terms and costs. Both documents contain essential information and should be reviewed carefully. Agents should also double-check the escrow closing statement to ensure all figures are accurate.

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