Final answer:
The statement that the seller's lawyer typically prepares the statement of adjustment, which is then reviewed by the buyer's lawyer, is true. This is part of the standard process in real estate transactions to ensure fair allocation of costs.
Step-by-step explanation:
The statement in question, "Seller's lawyer typically prepares the statement of adjustment and buyer's lawyer then review it," is generally true. In real estate transactions, the seller's lawyer often drafts the statement of adjustments first. This document includes the allocation of costs, such as property taxes, utilities, and other fees that are adjusted on the closing date to ensure that the seller and buyer are each paying their fair share of the costs up to and after the transfer of ownership. After preparation, it is standard practice for the buyer's lawyer to review the statement to confirm its accuracy and fairness before finalizing the transaction.