Foote Title Group – Closing Disclosure
Usually you will see an estimate of what that Closing Disclosure is going to look like within a couple of days of making your application with your lender. The Closing Disclosure replaces what used to be the HUD-1. It’s the form that we start with at the closing that goes through all of the costs that you’ll need to pay in order to buy that property, that new home or refinance your property. The Closing Disclosure has all of the loan figures on along with all of the things you agreed to in your sales contract, the cost for all of the inspections you agree to, any closing negotiations you made with the seller for things they may be paying and taxes and homeowners association dues. Every cost you will need to pay for your final closing.
There are separate forms for seller and the purchaser to protect everyone’s privacy. The purchasers form also includes all of the information about your loan. The previous form that used to be used, the old HUD-1 one didn’t include the purchasers loan information so everyone worked off of one form.
The Closing Disclosure is usually the first thing you’ll go over at the closing table . Since it includes all of your costs and has all of your loan information it puts everything all in one place for you.
After closing everybody will get a copy of some form of that. Your Realtor will no longer get a copy of the Closing Disclosure after closing, they will all get a form that has just the basic costs on it no loan information and it’s called an ALTA Statement. If you would like for your Realtor to receive a copy of the Closing Disclosure you must provide that to them yourself, for your privacy we are no longer able to provide it to anyone but you.