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The closing statement, also called a closing disclosure or settlement statement, is essentially a comprehensive list of every expense that either the buyer and seller must pay to complete the purchase of a home (or whatever the property is).

Most buyers won't have to wait very long to meet at the closing table once they're clear to close. With that in mind, you should expect at least a 3-day buffer between the time you receive your Closing Disclosure and the day you close.

A closing statement is a document that records the details of a financial transaction. A homebuyer who finances the purchase will receive a closing statement from the bank, while the home seller will receive one from the real estate agent who handled the sale.

Once you've signed your Closing Disclosure, you're almost done. You are able to sign your loan documents once 3 days has elapsed from the day that you acknowledge the closing disclosure. The last responsibility you should have is to wire the funds to close to escrow.

Do I have to take on the loan after signing the Closing Disclosure? No, signing the Closing Disclosure only signifies that you've reviewed the mortgage information sent by your lender. If you change your mind about purchasing a property after signing the Closing Disclosure, you can still opt out.

A Closing Disclosure is not technically the same as being declared clear to close, but the disclosure typically comes after you have been cleared. After reviewing your Closing Disclosure, you can look forward to a final walkthrough of the home and closing day itself.