Which document details the terms agreed upon between buyer and seller at closing?

The Closing Disclosure is the document that details the terms agreed upon between the buyer and seller at closing. It provides a comprehensive summary of the loan terms, including the loan amount, interest rate, and all closing costs and fees that the buyer will incur. This document ensures transparency and helps both parties understand the financial obligations resulting from the transaction.

Additionally, it is a legal requirement that the Closing Disclosure is provided to borrowers at least three business days before closing, thereby allowing them to review and fully comprehend the costs and terms before finalizing the deal. This makes it an essential component in the closing process, as it ensures that both the buyer and seller are on the same page regarding the financial conditions of the sale.

In contrast, the Loan Estimate is typically provided earlier in the process to give the buyer an initial overview of expected costs. The Purchase Agreement outlines the terms of the sale but does not include the closing details relevant to financial transactions. The Title Commitment certifies the ownership rights to the property but does not focus on the terms agreed upon between the buyer and seller. Each of these documents serves its own purpose but the Closing Disclosure specifically aligns with the final agreed-upon terms at closing.