The Closing Disclosure is a five-page document that outlines the final terms of your mortgage loan, including all costs, fees, and payments due at closing. It’s designed to protect both buyers and sellers by providing a clear, detailed summary of the financial side of the transaction.
In real estate, surprises are never good — especially on closing day. That’s why federal law requires lenders to give buyers the Closing Disclosure at least three business days before closing. This gives everyone time to review the numbers and ask questions before signing.
For Lake Marion sellers, especially those working with out-of-town buyers or vacation home investors, it’s important to understand what’s on this document — and how to spot red flags early. That’s where Carolina Properties at Lake Marion can guide you to a stress-free closing.
What’s Included in a Closing Disclosure?
The Closing Disclosure breaks down everything the buyer (and in some cases, the seller) is responsible for paying. Here’s a snapshot of what’s inside:
- Loan Terms
- Loan amount
- Interest rate
- Monthly payment
- Prepayment penalties or balloon payments (if any)
- Projected Payments
- Principal and interest
- Estimated taxes and insurance
- Total monthly cost breakdown
- Closing Costs
- Loan origination fees
- Appraisal, title, and credit report fees
- Escrow deposit requirements
- Cash to Close
- The exact amount the buyer needs to bring to closing
- Other Costs
- Real estate commissions
- HOA dues, transfer taxes, pest inspections, etc.
As a seller, you’ll receive your own version of the Closing Disclosure showing how much you’ll walk away with after your mortgage and fees are paid.
Why Reviewing the Closing Disclosure Matters
Mistakes on a Closing Disclosure aren’t just frustrating — they can delay or derail your closing.
Common issues include:
- Incorrect loan amounts or interest rates
- Wrong spelling of names or legal property address
- Missing seller concessions or credits
- Unexplained fees
- Outdated tax prorations
Example: A buyer closing on a home noticed that their closing costs were $2,000 higher than the Loan Estimate — because an HOA transfer fee wasn’t disclosed earlier. They delayed closing by 4 days while the issue was sorted.
That’s why Carolina Properties carefully reviews all documentation and works with lenders, attorneys, and agents to keep everything accurate and on schedule.
When Do You Get the Closing Disclosure?
By law, the Closing Disclosure must be provided to the buyer at least 3 business days before the scheduled closing date. This rule is part of the TRID (TILA-RESPA Integrated Disclosure) requirements.
Here’s how the timeline usually works:
- Day 0: Closing Disclosure is issued
- Days 1-3: Buyer reviews the document and can ask questions or raise concerns
- Day 4: Closing can legally occur
Sellers often receive their Closing Disclosure a day or two before closing. While it’s not legally required to be delivered 3 days in advance for sellers, reviewing it promptly is just as critical.
Tip: Don’t wait until the last minute. If you’re selling with Carolina Properties, they’ll request an early review and alert you to anything unusual well before closing day.
How Carolina Properties Helps You Avoid Surprises at Closing
No one wants drama at the closing table. That’s why the team at Carolina Properties at Lake Marion takes the Closing Disclosure seriously.
Here’s how they help:
- Pre-close reviews: We help both buyers and sellers understand what each line means
- Early identification of red flags that can affect timing or cost
- Coordination with your lender, attorney, and title company to keep the numbers accurate
- Clear explanations so you know exactly what you’re paying (or receiving)
When it’s your home and your money, knowledge is power. We make sure you feel confident going into closing day.
FAQ: Closing Disclosures in Real Estate
Q: Is the Closing Disclosure the same as the Loan Estimate?
No. The Loan Estimate comes at the beginning of the process. The Closing Disclosure is the final version before closing.
Q: Do sellers get a Closing Disclosure too?
Yes. It shows your net proceeds, fees, and payoffs. It may be called the Seller Closing Disclosure or Settlement Statement.
Q: Can I negotiate the Closing Disclosure?
Sort of. If there’s an error or surprise fee, you can dispute it before signing.
Q: What happens if there’s a mistake on the Closing Disclosure?
It must be corrected before closing. Major changes could trigger a new 3-day review period.
Q: Should I have an agent review my Closing Disclosure?
Absolutely. Carolina Properties will double-check it line by line for errors or surprises.
Close With Confidence. Let Carolina Properties Review Your Disclosure
Don’t risk last-minute surprises or delays. When you work with Carolina Properties at Lake Marion, you get a team that takes the final steps of the transaction just as seriously as the first.
From the first offer to the last signature, we:
- Review and explain every line of your Closing Disclosure
- Coordinate with all parties to make sure the math adds up
- Help you avoid delays, disputes, or overlooked fees
Call Carolina Properties at Lake Marion Today to ensure your closing is clean, accurate, and on time.