What is a Settlement Statement or HUD1?
The Settlement Statement or HUD1 is a document that summarizes all of the money associated with the transaction. Any amounts paid to the buyer, seller or third parties in connection with the transaction should be reported on the settlement statement. Any fees not reported on the settlement statement or money that changes hands between the buyer and seller and is not reported on the settlement statement, may violate federal law. Please advise your attorney of any and all money that has changed hands in connection to your closing whether paid in advance or at the closing table.
