What is it?
The final accounting of all monies handled during the transaction is printed on a Settlement Statement. This is prepared by the escrow company, and an estimated statement is typically available 2-3 days prior to closing. Your agent should review the estimate, and notify the escrow company of any concerns. However, the agent is not apprised of what fees or credits are related to the lender, so the buyer or seller should always review the statement carefully.
What if Something Doesn’t Look Right?
Should any discrepancy be found, the buyer or seller should notify escrow, their agent, and their loan officer right away. Corrections can be made after signing, so this should not hold up signing, but every party should be made aware that closing cannot continue until any errors are corrected. Your agent should be able to handle this for you.