Ala. Admin. Code r. 790-X-3-.04

Current through Register Vol. 43, No. 3, December 31, 2024

Section 790-X-3-.04 - [Effective 2/14/2025] Estimated Closing Statement

(1) A licensee, in a single-family residential sales transaction, must furnish to his/her client, consumer, or customer a complete estimated closing statement each time the licensee presents a written offer or counteroffer to the client, consumer, or customer or each time the licensee prepares a written offer or counteroffer for the client, consumer, or customer. This statement shall contain the licensee's best estimates of all costs his/her client, consumer, or customer may have at closing and the approximate amount of those costs. The client, consumer, or customer must acknowledge receipt of the estimated closing statement by dated signature on the form.

(2) For purposes of records retention, it is sufficient that each licensee retain in his or her qualifying broker's file the statements required of him or her under this rule. It is not necessary that cooperating brokers maintain both buyer's and seller's statements.

Filed September 30, 1982. Amended: Filed August 7, 1992.

Amended by Alabama Administrative Monthly Volume XXXV, Issue No. 02, November 30, 2016, eff. 12/19/2016.

Amended by Alabama Administrative Monthly Volume XLIII, Issue No. 03, December 31, 2024, eff. 2/14/2025.

Author: Alabama Real Estate Commission

Statutory Authority:Code of Ala. 1975, §§ 34-27-8, 34-27-36(a)(22).