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What is the purpose of collecting a Statement of Information from Client? What is an Escrow Settlement Sheet (AKA HUD1 or Closing Document)? What is

  1. What is the purpose of collecting a Statement of Information from Client?
  2. What is an Escrow Settlement Sheet (AKA HUD1 or Closing Document)? What is its role in an Escrow Transaction?
  3. Why is it advisable, and the Lender will require as a condition of funding, the Buyer to obtain a Policy of Fire Insurance? What typically does a Fire Insurance cover against, and what two important items does a standard Fire Policy not cover?

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