Question

Is the HUD-1 or Closing Disclosure always required?

A) HUD-1
B) Closing Disclosure
C) Both A and B
D) Neither A nor B

Answer 1

Both the HUD-1 and Closing Disclosure forms are required in real estate closings.

Step-by-step explanation:

The answer to whether the HUD-1 or Closing Disclosure is always required is C) Both A and B.

The HUD-1 and Closing Disclosure are both forms that provide details about the financial transactions and costs involved in a real estate closing. The HUD-1 form is used for transactions that were initiated before October 3, 2015, while the Closing Disclosure form is used for transactions that were initiated on or after that date.

Both forms are required by law to be provided to the buyer and seller prior to closing, and they provide important information such as loan terms, closing costs, and other financial details related to the transaction.