Escrow & Title
In New York real estate closings, the 'HUD-1 Settlement Statement' has been replaced for most residential transactions by the:
ARESPA Disclosure Form
BClosing Disclosure (CD) under TRID✓ Correct
CNew York State Closing Summary
DDOS Transfer Statement
Explanation
Since October 2015, the Closing Disclosure (CD) under the TRID rules replaced the HUD-1 Settlement Statement for most residential mortgage transactions, providing an itemized list of all closing costs.
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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.
Transfer TaxA tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Math Concepts
State-Specific Concepts
Disclosure Requirements
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