Who must the selling managing broker deliver a detailed closing statement to?

The correct response is that the selling managing broker must deliver a detailed closing statement to the buyer. This closing statement provides a comprehensive breakdown of the financial particulars related to the transaction, including the purchase price, closing costs, fees, and any other pertinent financial information.

Delivering this statement to the buyer is essential because it ensures that the buyer has a clear understanding of all costs associated with the purchase of the property. This transparency is crucial for the buyer to review and verify the financial aspects of the transaction, helping them to avoid any surprises at closing. Furthermore, the detailed closing statement is often required for buyers to ensure compliance with various legal and regulatory requirements, such as the Real Estate Settlement Procedures Act (RESPA).

While the seller, mortgage company, and listing company may have interests in the closing process, the primary obligation for the detailed closing statement rests with the selling broker to the buyer. This practice reinforces the trust and accountability that is fundamental to the real estate transaction process.