Section 339.22311. Closing transactions.

(1) The broker or associate broker who is  involved  at   the closing of a real estate or business opportunity transaction, shall furnish, or cause to be furnished, to the buyer and seller, a complete and detailed closing statement signed by the broker or associate broker showing each party all receipts and disbursements affecting that  party. If the closing is conducted at a regulated depository institution, a title company, or other closing entity, the broker or associate broker is still responsible for the content of the closing statement and shall sign the final closing document.

(2)     A salesperson shall not close a real estate or business opportunity transaction unless under the supervision   of  the  broker   to  whom  the salesperson is licensed. The broker or associate broker shall assume full responsibility for execution of the closing statements prepared by the salesperson or other persons acting under the broker's or associate  broker's direct supervision.

(3)     Without written approval of the seller and buyer, a licensee shall not close a transaction contrary to terms or conditions of an executed agreement.

(4)      In a cooperative transaction, either the broker or the associate broker may close the sale and furnish closing statements; however, it is the final responsibility of the listing broker or associate broker to close the sale and furnish signed closing statements to both the buyer and the seller.

History: 1991 AACS; 2002 AACS.