What is a HUD-1 Statement?
The HUD-1 is a standard form produced by the Housing and Urban Development Authority. The HUD-1 is often referred to as the closing statement because it must be used at all closings and details the monies owed by the buyer to be paid to the seller. Our network of agents provide your rebate directly on the HUD-1 (so long as your lender allows it – see the next question), meaning you can bring less cash to closing.
A document that provides an itemized listing of the funds to be paid, or that were paid at closing. Items that appear on the statement include real estate commissions, loan fees, points and initial escrow amounts. Each type of expense goes on a specific numbered line on the sheet. The totals at the bottom of the HUD-1 statement define the seller’s net proceeds and the buyer’s net payment at closing. The HUD-1 statement is also known as the closing statement or settlement sheet.
Related Questions
- GOVERNMENT FEES QUESTION IN 1200 SERIES OF HUD-1 Question: If there are additional government recording fees, such as to record a power of attorney or road maintenance agreement, are they included in Line 1201 of the HUD-1 or can they be charged separately?
- Does voluntarily using the HUD-1 in a real estate transaction that otherwise is not subject to RESPA result in RESPA applying to the transaction?
- Where should the settlement agent list the commitment fee, wire fee and other miscellaneous title fees on the HUD-1?
