Escrow & Title
A 'settlement statement' or HUD-1 (now replaced by the Closing Disclosure for TRID loans) in a West Virginia closing itemizes:
AOnly the buyer's costs
BOnly the seller's costs
CAll charges and credits for both buyer and seller in the transaction✓ Correct
DThe lender's underwriting requirements
Explanation
The settlement statement (Closing Disclosure under TRID, or HUD-1 for non-TRID transactions) is a comprehensive accounting of all costs, credits, and adjustments for both the buyer and seller in a real estate closing.
Related West Virginia Escrow & Title Questions
- At a West Virginia closing, the settlement agent prepares the Closing Disclosure. This document replaced which earlier form?
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