Who is primarily responsible for delivering the closing disclosure to the buyer?

The closing disclosure is a critical document that provides details about the final terms of the loan, including costs, fees, and other important information associated with the transaction. The primary responsibility for delivering this document lies with the creditor, typically the lender involved in the transaction.

Under the regulations set forth by the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA), lenders are obligated to ensure that the borrower receives the closing disclosure in a timely manner, typically at least three business days before the closing date. This requirement is designed to give the buyer adequate time to review the terms of the loan and the overall financial obligations before finalizing the transaction. The lender's role is crucial because they must ensure compliance with these legal requirements to protect the interests of the buyer and promote transparency in the closing process.

In contrast, the real estate agent, buyer, and seller have other roles in the transaction that do not specifically involve delivering the closing disclosure. The agent may assist in facilitating communication but is not responsible for the delivery of this specific document. The buyer is the recipient of the document and is meant to review it, while the seller’s role primarily focuses on the selling aspects of the property itself, rather than the financing disclosures.