What is a closing disclosure statement?

A closing disclosure statement is a document that outlines the final terms of your residential real estate transaction in the District of Columbia. It is a disclosure document that must be provided to all parties involved in the transaction at least 3 business days prior to the closing date. The closing disclosure statement discloses the buyer and seller’s full name, information on the property being transferred, the amount of buyer’s down payment, closing costs, mortgage terms, and other pertinent details of the deal. It also includes information on the specifics of the lender’s loan terms and is legally binding. The closing disclosure statement is required by law in the District of Columbia and must be signed by all parties of the transaction at the closing meeting. It serves as a transparent and comprehensive record of the agreement, ensuring that all parties are aware of the terms and conditions of the transaction.

Related FAQs

What is the difference between a buyer’s and a seller’s agent?
How do I protect myself if I discover a defect in a home I am buying?
What is residential real estate law?
How can I protect myself when renting a home?
What are closing costs?
What constitutes a valid real estate contract?
What is an FHA loan?
What is a private mortgage insurance?
What types of transactions does residential real estate law cover?
What is homeowners insurance?

What is a closing disclosure statement?

Related FAQs

Related Blog Posts