Question 33

A detailed closing statement must be given to the buyer and seller.

In a real estate transaction in Illinois, it is required that a detailed closing statement be provided to both the buyer and the seller to ensure transparency and mutual understanding of the financial aspects of the transaction.

A) buyer only

This option is incorrect because the law mandates that both parties involved in the transaction—the buyer and the seller—receive the closing statement. Providing it solely to the buyer does not fulfill legal requirements and could lead to misunderstandings about the transaction.

B) buyer and seller

This option is correct as it aligns with Illinois state regulations, which stipulate that both the buyer and seller must receive a detailed closing statement. This ensures that both parties are informed about the financial details and obligations related to the closing of the property sale.

C) buyer, seller, and seller's attorney

While the seller's attorney may have access to the closing statement, this option is incorrect because it implies that the attorney must receive it as a requirement. The law specifically states that the closing statement is required for the buyer and seller, not necessarily their legal representatives.

D) buyer, seller, broker's files, and county recorder

This option is incorrect as it expands the requirement beyond what is mandated by law. Although brokers and county recorders may need access to certain documents, the specific legal obligation is only to provide the detailed closing statement to the buyer and seller.

Conclusion

The correct answer is B because it explicitly adheres to the legal requirement in Illinois for a detailed closing statement to be given to both the buyer and seller. All other options fail to meet the legal standard or misinterpret the necessary parties involved in receiving the closing statement.