Final answer:
The buyer or borrower is responsible for requesting a loan payoff statement before closing.
Step-by-step explanation:
Before closing on a loan, it is typically the responsibility of the buyer or borrower to request a loan payoff statement. This statement provides the remaining balance on the loan and any additional fees or charges that may be associated with paying off the loan early. By obtaining a loan payoff statement, the buyer can ensure that the correct amount is paid to fully satisfy the loan before closing.