What is a HUD-1 Settlement Statement?
This is a summary of the financial portion of the real estate transaction. The title company or closing agent is required by the Department of Housing & Urban Development to use the HUD-1 on virtually all one-family to four-family residential real estate transactions involving a lender. This document lists purchase price, loan amount, closing costs for the buyer and seller, and illustrates total charges and distributions charged to be disbursed to the parties involved. It also clearly summarizes the total amount due from the purchaser.
This is a summary of the financial portion of the real estate transaction. The title company or closing agent is required by the Department of Housing & Urban Development to use the HUD-1 on virtually all one-family to four-family residential real estate transactions involving a lender. The statement will list the purchase price, loan amount, closing costs for the buyer and seller, and will show all sums being charged and disbursed to the parties involved. It also clearly summarizes the total amount due from the purchaser.
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?
