What is a closing disclosure statement?

A closing disclosure statement is a document given to home buyers and sellers in the state of South Carolina to explain the costs and fees associated with the purchase or sale of a residential real estate transaction. This document is also known as a settlement statement or HUD-1 form. The closing disclosure statement includes details about the purchase price, closing costs, loan terms, and other details about the transaction. It is important to review this document very carefully before signing it, as it outlines the financial commitments you are making in the transaction. The statement also disclees the amount of money due to the title company for deed recording, if applicable, and any other fees associated with the closing. In accordance with the Federal Real Estate Settlement Procedures Act (RESPA), both the buyer and seller must receive a copy of the closing disclosure statement at least three days prior to closing. The purpose of this document is to provide home buyers and sellers with an understanding of the financial commitments they are making and to protect them from fraud and other deceptive practices.

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What is a closing disclosure statement?

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