NY brokerages need closing statement to pay out commission split

[showtime]

First of all, a closing statement is the same thing as the closing disclosure right? I do recall we stopped using the HUD-1 statement about 3 years ago and switched over to closing disclosures / closing statements with the new regulations.

The thing is, brokerages seem to require their agents to have this closing statement handed over in order to collect their commission check. Anyone else experience this?

[aslan]

From what I've heard and seen, managing brokers and office managers in NYC generally will not care whether you give them a closing statement or not. You will get paid your commission split regardless.

However, in the suburbs I've heard that office managers are very strict and will absolutely require agents to present the closing statement as a condition of being paid.

Also, I actually spoke with a real estate lawyer about this today. The closing disclosure is different from the closing statement. The closing disclosure is the form given to borrowers by the bank 3 days before closing. They usually over estimate potential closing costs to be on the safe side and for liability reasons. The closing statement is provided by the buyer's attorney sometime before closing. It is generally a spreadsheet with EXACT closing costs for the buyer. Very different.