Q:  What is a disclosure statement? A:  A disclosure statement, as used in the real estate context, is a form the seller of property must complete and provide to the buyer disclosing to the buyer all defects and various other information about the residential property. Q:  What is a closing? A:  Although this term may mean different things in different states, the "closing" is a meeting where all of the documents are signed and money changes hands.   Q:  What is Truth-in-Lending? A:  A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage, including the annual percentage rate (APR) and other charges.    Q:  What is the Real Estate Settlement Procedures Act (RESPA) A:  A consumer protection law that requires lenders to give borrowers advance notice of closing costs.