Escrow & Title
A 'HUD-1 Settlement Statement' (now largely replaced by the Closing Disclosure) was used to:
AAppraise the property
BItemize all credits and charges to both buyer and seller at closing✓ Correct
CTransfer title from seller to buyer
DReport the transaction to the IRS
Explanation
The HUD-1 (and its replacement, the TRID Closing Disclosure) itemizes all financial details of the real estate transaction, showing each party's credits, debits, and net proceeds/due-at-closing amount.
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