790-X-3.04. Estimated Closing Statement.

(1) The licensee who procures a written offer from a buyer in a single family
residential transaction shall prepare and furnish to the buyer a complete
estimated closing statement at the time the offer is signed by the purchaser.
This statement must contain the licensee's best estimates of all costs the
buyer is expected to have at closing and the approximate amounts of those
costs. The licensee shall also furnish to the buyer an actual, detailed closing
statement showing all receipts and disbursements at the time the sale is
closed. The buyer must acknowledge receipt of the estimated and the actual
closing statements by signature on the form.
(2) The licensee who presents a written offer to a seller in a single family
residential transaction shall prepare and furnish to the seller a complete
estimated closing statement at the time the offer is presented to the seller.
This statement must contain the licensee's best estimates of all costs the
seller is expected to have at closing and the approximate amounts of those
costs. The licensee shall also furnish to the seller an actual, detailed closing
statement showing all receipts and disbursements at the time the sale is
closed. The seller must acknowledge receipt of the estimated and the actual
closing statements by signature on the form.
(3) For purposes of records retention, it is sufficient that each licensee
retain in his or her qualifying broker's file the statements required of him or
her under this rule. It is not necessary that cooperating brokers maintain
both buyer's and seller's statements.

Statutory Authority:

Code of Ala. 1975, §§ 34-27-8, 34-27-36(a)(22).

History:

Filed September 30, 1982. Amended: Filed
August 7, 1992.