What document typically accompanies a loan to show what the buyer is responsible for paying?

The final settlement statement is a crucial document that outlines all the costs associated with the purchase of a property, including the buyer's financial responsibilities. This statement provides a detailed breakdown of the transaction, including the purchase price, various fees, and adjustments for taxes and utilities, which can help buyers understand what they need to pay at closing.

It's typically presented to both the buyer and seller at the final closing of the property transaction. This ensures transparency and allows both parties to review the costs involved in the transaction. The final settlement statement is essential in confirming that all agreed-upon terms have been met and that both parties understand their financial obligations.

In contrast, while the closing disclosure and loan estimate are also important documents in the mortgage process, their focus is different. The closing disclosure provides a summary of the terms of the loan and a more final account of how the closing costs are allocated and settled, but it is often delivered a few days before closing to give the buyer time to review. The loan estimate, on the other hand, is typically issued earlier in the mortgage process to give potential borrowers an idea of the estimated loan terms and costs, but it does not serve as a final statement of what they owe at closing.

The certificate of closing is not a standard