Question

A North Carolina buyer's agent is reviewing the closing attorney's completed settlement statement prior to the scheduled settlement meeting. In order to confirm the accuracy of the settlement statement entries for those matters of which the broker has direct knowledge, the broker should first and foremost

Answer 1

The North Carolina buyer's agent must verify the accuracy of the settlement statement, focusing on sales price, loan amounts, earnest money deposits, and other charges or credits outlined in the purchase agreement.

Step-by-step explanation:

A North Carolina buyer's agent is tasked with confirming the accuracy of the settlement statement entries prepared by the closing attorney. The buyer's agent should first review the entries related to the sales price, loan amounts, and earnest money deposits, as these are areas they typically would have direct knowledge of.

Additionally, the agent should check for correct allocations of closing costs, prorated property taxes, homeowner's association fees, and any other charges or credits that were agreed upon in the transaction. Correct identification of the buyer and seller, property address, and closing date are other key elements that should be verified for accuracy. It is essential that the settlement statement reflects the terms of the purchase agreement and any amendments or addenda to it.