Escrow & Title
What is the purpose of a HUD-1 Settlement Statement (or Closing Disclosure) in a South Carolina real estate transaction?
ATo disclose the agent's commission structure
BTo itemize all credits and charges for buyer and seller at closing✓ Correct
CTo confirm the property's appraised value
DTo provide title insurance coverage details
Explanation
The Closing Disclosure (formerly HUD-1) itemizes all financial transactions at closing, showing debits and credits for both buyer and seller, loan costs, and the final cash amounts needed to close.
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