Escrow & Title
In a Nevada closing, what is a HUD-1 Settlement Statement (or Closing Disclosure) used for?
ATo record the deed transfer at the county recorder
BTo itemize all charges and credits to both buyer and seller in a real estate transaction✓ Correct
CTo provide the final title insurance binder
DTo establish the property's final sales price for tax purposes
Explanation
The Closing Disclosure (formerly HUD-1) itemizes all fees, charges, credits, and adjustments for both buyer and seller in a real estate transaction, ensuring transparency before and at closing.
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