What is a closing disclosure?

What is a Closing Disclosure?

Top 50 Questions about Farmland

Hey, it's the Iowa land guy. And here's the top 50 questions that I get asked about farmland. What is this closing disclosure? Basically a closing disclosure is a list of all the fees associated with your entire transaction. That being said, there's a buyer side and there's a seller side on the closing disclosure. They both start at the same number on the top. They both start at the same number on the bottom. It's everything in between that counts. So what's in between. There might be the brokerage fee. What, what did we charge you, uh, in the transaction? There might be a marketing fee. There's your property tax. There's transfer tax or revenue stamps. There's also possibly attorney fees, if there was any, uh, cleanup of the title, encumbrances, encroachments. There might be abstracting fees on there. There might be, uh, title opinions and banking fees, origination fees. There's lots of things that go in there, but of course, we have to clearly disclose. What those fees are, that is what a closing disclosure is.

David Whitaker | Iowa Land Guy