What must a broker do if a closing agent fails to prepare a closing statement?

If a closing agent fails to prepare a closing statement, the broker is obligated to prepare one themselves. This is because the closing statement is a critical document that outlines the financial details and obligations of all parties involved in a real estate transaction. It provides clarity on funds being transferred and ensures that all aspects of the deal are transparent and accounted for.

By preparing a closing statement, the broker ensures that the transaction can proceed without delays, safeguarding both the buyer's and seller's interests. Additionally, this action demonstrates the broker's responsibility and professionalism in managing the closing process. In situations where a closing agent neglects their duties, it falls on the broker to take corrective action to fulfill the legal and ethical requirements of the transaction.