Escrow & Title
In a Florida real estate closing, the 'HUD-1' (now replaced by the 'Closing Disclosure') is required for:
AAll real estate transactions in Florida
BFederally-related mortgage loan transactions covered by RESPA✓ Correct
CCash transactions only
DInvestment property purchases only
Explanation
The Closing Disclosure (which replaced the HUD-1 under TRID rules) is required for most federally-related residential mortgage loans covered by RESPA. Cash transactions, commercial loans, and certain other transactions may not require a Closing Disclosure but may still have settlement statements.
Related Florida Escrow & Title Questions
- In Florida, the county tax collector conducts a tax certificate sale when property taxes are delinquent. Certificates are sold to investors who:
- A Florida real estate broker who acts as the closing agent holds earnest money in their trust account. The funds remain in escrow until:
- A Florida 'special warranty deed' (limited warranty deed) differs from a general warranty deed because the seller only warrants title against:
- In a Florida real estate closing, 'proration' most commonly applies to:
- A Florida property has an annual HOA assessment of $3,600. The closing is on August 1. Using a 365-day proration, how much does the seller owe the buyer as a credit (HOA unpaid)?
- In Florida, the 'ALTA' (American Land Title Association) title insurance policy form provides broader coverage than a standard coverage form. Which of the following is covered by an ALTA policy but NOT a standard policy?
- In Florida, a 'satisfaction of mortgage' must be recorded within how many days of the mortgage being paid off?
- In Florida, a 'warranty deed' provides which guarantee from the seller to the buyer?
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