What must the closing disclosure document include?

The closing disclosure document must include a summary of credits and debits because this document plays a crucial role in real estate transactions by detailing the final terms of the mortgage loan, costs associated with the transaction, and how much money the buyer and seller will receive at closing. The summary of credits and debits outlines all the financial components, including the purchase price, closing costs, and any deposits or credits that impact the final balance. This transparency helps buyers and sellers understand their financial obligations and the overall cost of the transaction, allowing for informed decision-making prior to closing.

The other options do not align with the purpose of the closing disclosure. A list of potential lenders is not relevant because the document is focused on the specific loan being closed, not on other potential lenders. A detailed description of council services is not included as the closing disclosure is concerned with financial figures rather than municipal services. Lastly, verifying a buyer's income falls outside the scope of the closing disclosure, which is focused on final transaction details rather than qualification criteria.