Escrow & Title
Vermont's 'HUD-1 Settlement Statement' has largely been replaced by:
AThe RESPA booklet
BThe Closing Disclosure for loan transactions under TRID rules✓ Correct
CThe Property Transfer Tax Return
DThe title commitment
Explanation
The 2015 TRID rules replaced the HUD-1 Settlement Statement with the Closing Disclosure for most residential mortgage transactions, providing a more transparent and standardized disclosure of closing costs and terms.
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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.
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.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Math Concepts
State-Specific Concepts
Transfer Tax
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