In Illinois, who must receive a detailed closing statement in a real estate transaction?

In Illinois, a detailed closing statement must be provided to both the buyer and the seller in a real estate transaction. This requirement ensures transparency between the parties involved, allowing them to understand all the financial aspects of the transaction, including fees, credits, and debits related to the sale.

The closing statement outlines the distribution of funds and helps to clarify the financial obligations of both the buyer and the seller, making it an essential document for both parties. By having access to this information, buyers and sellers can confirm that the transaction is being conducted fairly and in accordance with what was agreed upon. This practice not only promotes accountability but also helps to prevent disputes regarding financial matters after the transaction has been completed.

Providing the closing statement exclusively to the buyer or to a combination of parties excluding the seller would not fulfill the responsibility of ensuring that both primary parties in the transaction are kept informed and protected regarding their financial commitments.