What is one key responsibility of the buyer at closing?

What is one key responsibility of the buyer at closing?

• A. To provide the settlement statement
• B. To give credit to the seller
• C. To secure financing before the closing
• D. To pay the required closing costs

Answer: (A)

The key responsibility of the buyer at closing is to pay the required closing costs. Closing costs can include various fees such as loan origination fees, appraisal fees, title insurance, and recording fees. It is critical for the buyer to have these funds ready at the closing table, as they are essential to completing the transaction and transferring ownership of the property. While the buyer may have various other responsibilities, such as securing financing, this task is typically completed prior to the closing day. Additionally, the settlement statement is primarily provided by the lender or closing attorney and outlines all costs involved in the transaction, rather than being the responsibility of the buyer. Giving credit to the seller is not a buyer's responsibility; instead, it might occur as part of negotiations or contract terms. Therefore, the focus on paying closing costs underscores the buyer's role in ensuring that all financial obligations are met to finalize the purchase.

The key responsibility of the buyer at closing is to pay the required closing costs. Closing costs can include various fees such as loan origination fees, appraisal fees, title insurance, and recording fees. It is critical for the buyer to have these funds ready at the closing table, as they are essential to completing the transaction and transferring ownership of the property.

While the buyer may have various other responsibilities, such as securing financing, this task is typically completed prior to the closing day. Additionally, the settlement statement is primarily provided by the lender or closing attorney and outlines all costs involved in the transaction, rather than being the responsibility of the buyer. Giving credit to the seller is not a buyer's responsibility; instead, it might occur as part of negotiations or contract terms. Therefore, the focus on paying closing costs underscores the buyer's role in ensuring that all financial obligations are met to finalize the purchase.