Oregon 30-Hour Real Estate Law Practice Test

Who is responsible for verifying the closing statement accuracy?

1. The seller's attorney

2. The title company

3. The buyer's agent

4. The lender

The correct answer is: The buyer's agent

The buyer's agent is responsible for verifying the accuracy of the closing statement as part of their role in representing the buyer's interests in a real estate transaction. During the closing process, the buyer's agent reviews the closing statement to ensure that all financial aspects are correctly reflected, such as the purchase price, any adjustments for prepaid taxes or utility bills, and any agreed-upon credits or concessions. The buyer's agent must ensure that the buyer understands all the terms and figures listed on the statement, as this document outlines the final financial transaction. Accuracy is vital because discrepancies can lead to misunderstandings or unexpected financial burdens for the buyer after the closing. Other parties in the transaction, such as the seller's attorney, the title company, and the lender, may play roles in preparing or reviewing parts of the closing statement, but it is ultimately the buyer's agent's responsibility to thoroughly verify that the statement is accurate and aligns with the buyer's expectations and agreements made during negotiations.