Why is it important to review the closing statement before finalizing a real estate transaction?

Reviewing the closing statement before finalizing a real estate transaction is crucial because it itemizes all financial obligations and ensures accuracy. The closing statement is a detailed financial document that outlines the sale price, closing costs, and any other fees associated with the transaction. By carefully examining this statement, buyers and sellers can confirm that all amounts are correct and that there are no unexpected charges that could lead to disputes or financial loss.

Ensuring the accuracy of this document is essential, as discrepancies can affect the final settlement and could result in legal issues or financial surprises after the closing process. This scrutiny helps foster trust between the parties involved and lays a solid foundation for the transaction, thus helping ensure a smooth transfer of property ownership.