What is a HUD-1?
The HUD-1 is the standard “settlement statement” used in connection with real estate transactions. Federal law requires the HUD-1 to be used as the real estate settlement form in all transactions in the U.S. involving federally related mortgage loans. The form itemizes all charges imposed on a borrower and seller in connection with the transaction, adjusts between them any pre-paid, unpaid or agreed items, and provides each party with a detailed picture of what happens with their incoming and outgoing funds.
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?
