Escrow & Title
At a Mississippi closing, the 'HUD-1' or Closing Disclosure itemizes:
AOnly the buyer's costs
BAll financial aspects of the transaction including credits, debits, and closing costs for both parties✓ Correct
COnly the seller's proceeds
DThe property's tax assessment history
Explanation
The Closing Disclosure (formerly HUD-1) itemizes all credits, debits, and closing costs for both the buyer and seller, providing a complete accounting of the transaction's financial details.
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Key Terms to Know
Closing Costs
Fees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
Math Concepts
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