Which document is typically associated with the final settlement statement in a real estate transaction?

The HUD-1 Settlement Statement is the correct answer because it is specifically designed to provide a detailed account of all the costs associated with the settlement of a real estate transaction. This document outlines the financial aspects of the transaction, including the amounts being paid by the buyer and seller, the costs of the closing, and any other fees involved. The HUD-1 was used primarily in federally-related mortgage transactions until it was replaced by the Closing Disclosure form for most transactions after 2015. However, for the types of transactions and contexts commonly encountered during the time it was in use, the HUD-1 was the standard document associated with the final settlement.

The other options pertain to different aspects of real estate finance. RESPA, which stands for the Real Estate Settlement Procedures Act, is a federal law that governs the settlement process and includes regulations regarding the HUD-1 but is not a settlement statement itself. TILA, or the Truth in Lending Act, aims to promote informed use of consumer credit by requiring disclosures related to the terms of loans, rather than detailing settlement costs. The Truth in Lending Disclosure is specifically related to the borrowing terms and does not cover the details of the settlement statement. Thus, while all these documents play important roles in real estate transactions