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The statement is true. Under the regulations of the Truth in Lending Act and the Real Estate Settlement Procedures Act (RESPA), the Closing Disclosure is a crucial document that must be provided to the buyer. It details the final terms and costs associated with the mortgage loan. Specifically, the buyer is entitled to receive this document at least three business days before the closing date. This three-day window provides the buyer the necessary time to review the terms of the loan and any fees involved, ensuring they have a clear understanding before the final transaction takes place. This requirement is in place to promote transparency and to allow for any potential queries or discrepancies to be addressed ahead of closing.

The three-day requirement underscores the importance of the buyer’s ability to make informed choices concerning their purchase. Failure to provide this disclosure in the stipulated time frame could result in delays in the closing process.