What is the Closing Disclosure Statement?

By Barbara Craig | on 01/18/2016 | Posted in: Real Estate

If you’ve ever purchased real estate, you’ve signed your way through the 1+ inch stack of paperwork that contains critical information about your transaction. Until October 2015, one of those myriad documents was the HUD-1 Settlement Statement. But now, that document has been replaced by the new Closing Disclosure Statement.

real estate closings - san pedro attorneyIn my latest article, I discuss the important role that real estate closing documents like the HUD-1 and Closing Disclosure Statement play, and why any mistakes or oversights on these statements can cost you big in a real estate transaction. For example, a mistake made by the seller’s agents on a HUD-1 resulted in a $3,500 swing in my client’s favor on a closing I reviewed last year. If you want to prevent a mistake like that from costing you, check out my article, Real estate closings: HUD-1 Statement replaced by Closing Disclosure Statement.