What is a Closing Disclosure?

A Closing Disclosure is a standardized financial document that provides a complete, itemized summary of all the monetary transactions involved in a real estate closing — including the loan terms, monthly payment breakdown, closing costs, credits, and any funds received or disbursed. Lenders are required by federal law to provide borrowers with this document at least three business days before closing, giving buyers time to review it carefully.

For buyers financing property in Delaware, Ulster, Greene, or Otsego counties, the Closing Disclosure is an important document to read thoroughly. It should be compared against the Loan Estimate provided earlier in the process to confirm that fees have not changed unexpectedly. Rural Catskill transactions sometimes involve additional line items — such as well and septic inspection credits, fuel oil adjustments, or survey costs — that buyers should verify are correctly reflected. Any discrepancies should be raised with your attorney or lender before closing day.