Escrow & Title
In Arizona, the Closing Disclosure (CD) replaced which prior document under TRID?
AThe Abstract of Title
BThe HUD-1 Settlement Statement✓ Correct
CThe Title Commitment
DThe Preliminary Title Report
Explanation
TRID replaced the HUD-1 Settlement Statement with the Closing Disclosure (CD) for most mortgage transactions. The CD must be provided to buyers at least 3 business days before closing.
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Key Terms to Know
Abstract of Title
A condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
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