In real estate transactions, the employer broker has a central role in ensuring that all necessary disclosures are made, including closing information. This responsibility arises from the broker's duty to ensure compliance with laws and regulations governing real estate transactions.
The employing broker oversees the activities of the agents working under them and is responsible for the overall management of the transaction. They must ensure that all legal requirements regarding disclosure are met, which includes providing parties with accurate information relating to the closing process. This can encompass details like the final closing costs, settlement statements, and any other information required for a transparent transaction.
While agents, whether representing the buyer or the seller, also play a role in facilitating communication and disclosure throughout the process, the ultimate responsibility to disclose critical information at closing rests with the employing broker. They are accountable for compliance with local laws and ethical standards in real estate practice, which includes ensuring that all disclosures are made appropriately.
Other parties, such as the title company, may also handle important documentation and information regarding the closing process, but they typically do not bear the primary responsibility for disclosures related to the terms of the transaction and compliance with real estate regulations.