Title: Interpret closing disclosures.
Course: Real Estate (12154) > Section: Closing the Transaction

Interpretation should include an example of a closing disclosure and a breakdown of the

- cost to buyer
- cost to seller
- taxes.

DPOR correlations: 18VAC135-20-400. 13 (Taxes in real estate); 18VAC135-20-400. 19 (Title closing)

Process/Skill Questions:

- What is the purpose of a closing disclosure? How many days before the closing must the disclosure be delivered? What are the parts of a closing disclosure?
- What is the Real Estate Settlement Procedures Act (RESPA)?
- Who receives a copy of the closing disclosure?
- How long is a realtor required to keep a copy of the closing disclosure?